Chainlink (LINK) Price Rallies Again After Shoutout by Google
Google’s Ethereum building software provides oracle services through ChainLink smart contracts.
ChainLink also announced its involvement with Google’s cloud service and infrastructure for creating data-driven distributed apps for the Ethereum network.
ChainLink’s role appears in important steps of the dApp life cycle, explained by Google:
“To retrieve data from BigQuery, a Dapp invokes the Chainlink oracle contract and includes payment for the parameterized request to be serviced (e.g. gas price at a specified point in time). One or more Chainlink nodes are listening for these calls, and upon observing, one executes the requested job.”
Following the news, LINK regained much of the ground lost since the launch of its mainnet at the end of May. The news of ChainLink’s smart contract being integrated by Google lifted the market price for LINK above $1.92 in the past day, with an absolute record of $1.95. Later, the asset sank toward $1.58.
LINK trading volumes grew to an absolute record above the equivalent of $318 million, far outpacing the usual volumes for LINK. The asset managed to react to the news immediately, as most trading activity is still concentrated on Binance, allowing for a concerted trading effect.
This time, Huobi Korea also added to the boost in LINK market prices, as it took up a large chunk of the volume. Binance still remained the leader. More than 60% of LINK volumes were against Bitcoin (BTC), as the asset gained ground in Satoshi prices, peaking above 19,000 Satoshi.
The Google mention also redirected attention to Matic Network (MATIC), which recently partnered with ChainLink.
MATIC trades at around $0.022, correcting after the big relative success as one of the more prominent Binance-based IEO tokens.
LINK predictions remain outlandishly optimistic. The asset has been relatively volatile in the past months, showing that a price rally is easily wiped out.
However, some in the community see LINK growing to a three-digit price, in case it gains influence as the supplier for real-world information through oracle smart contracts.
Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.