Google's Chainlink mention sends LINK to over 60% gain
On Thursday, Chainlink tweeted out a post by Google's Allen Day mentioning the use of Ethereum and Chainlink to build hybrid blockchain/cloud applications with Google cloud.
Some of the crowd's reaction
- ChainLink next Eth
- Chainlink has proven to be the defacto decentralized oracle solution. You can expect pretty much everyone who wants to connect smart contracts to the real world, to make use of chainlink.
- Chainlink and google 🥰😍 can we all say mass adoption
- Chainlink gonna be $2 easy, whales sold it down to buy up cheap now they off of it
While most are excited about the pump and Google mentioning Chainlink, several people have pointed out the irrational FOMO around this and comparing it to nothing more than spinning up a node on Microsoft's Azure. People that were around in Crypto since 2015 would be most familar with Microsoft Azure announcement pumps.
Twitter user ReadySetCrypto sums it up best:
Read, don't FOMO. It's not a partnership, even if it is cool. It’s from a developer advocate at Google (a position which is basically just marketing to developers), saying anyone running a Chainlink node can integrate BigQuery (a Google service).
The whole point of the post is to get future Chainlink node users to use more of their existing Google services. Nothing that actually says Google is integrating or will be integrating anything for Chainlink specifically at all. This isn't FUD, just making sure you understand
Onchain wise, we have observed largest spikes in the last one year for:
- Daily Active Addresses (DAA) - 1,680+
- Network growth - 676
Interestingly, while there were a decent amount of people making deposits (14.62% of DAA) into exchanges, the majority of Daily Active Addresses were withdrawing from exchanges (58%). This could mean the crowd actually did FOMO in with intent to HODL for the longer term.
On the social side, mentions of Chainlink or LINK are now at a 6-month ATH following the pump. One thing to note is if social volume and daily active addresses continue to fall over the next few days, it's usually indicates a local top in price as LINK finds a support level until the next catalyst.
Now that mainnet is out and Google mention has been used. What's next? Perhaps the following might be possible catalysts:
- Surprise mentions by other big names (e.g Microsoft, IBM, Banks, etc)
- Coinbase listing
- Increased network usage/adoption beyond speculative aspect
That being said, Chainlink continues to be a strong project focused on solving a key problem in the space with a nice uptake in partners and a strong ever growing community (Linkies) that might even rival the XRP army. Perhaps it might just hold its ground even without the catalysts in the short term.
In Sergey we Trust.