Chainlink (LINK) has experienced a notable price increase since early September, but on-chain data indicates that activity among new wallet addresses has not kept pace with the token’s appreciation.
Price surge outpaces address growth
On-chain analytics firm Santiment reported that LINK’s price surged by approximately 24% between September 1 and October 6. Despite this robust rally, the creation of new LINK addresses showed only a marginal uptick during the same period.
Santiment data shows that over the past four weeks leading to October 6, the average number of new LINK addresses per day stood at 1,249. This is only a slight increase from the previous four-week average of 1,225 new addresses per day, marking under a 2% rise.
Comparative analysis with other major cryptocurrencies reveals a differing pattern. Solana (SOL) registered a 33% jump in new addresses alongside a 20% increase in price over a similar timeframe. In contrast, Ethereum (ETH) saw limited growth in new addresses despite an approximate 11% gain in value.
| Asset | Price Increase (%) | New Address Growth (%) |
|---|---|---|
| Chainlink (LINK) | 24% | ~2% |
| Solana (SOL) | 20% | 33% |
| Ethereum (ETH) | 11% | Minimal |
Santiment highlighted that LINK’s growth in user participation has not matched its positive price movement, setting it apart from competitors like Solana.
Price milestones and ecosystem developments
LINK traded near $11.23 on September 1. By October 6, the price had climbed to around $13.96, based on closing data from Binance and Coinbase. This represents a gain of approximately 24.4% over the five-week period.
Chainlink’s price demonstrated significant volatility within the month. Early September saw the token spike above $13 before pulling back, touching an intraday low of $10.62 on September 16. Buyers soon regained control, with LINK rising past $12 on September 18, and ultimately exceeding $15 later that month.
September 28 marked the strongest single-day performance for LINK during the rally, closing up 10.15% around $15.45 and reaching a session high of $15.77. Measured against its September 1 close, LINK was up nearly 38% at this peak closing level.
LINK’s market action culminated in its biggest single-day gain on September 28, when the token jumped 10.15% to close at $15.45, only hours after new protocol announcements from the Chainlink ecosystem.
This period of strong price movement coincided with several ecosystem announcements. Notably, Chainlink launched CCIP 2.0 on September 28, a substantial upgrade to its cross-chain communication platform. CCIP 2.0 introduces new features such as additional verifier options, enhanced transaction speeds, variable fee structures, and built-in compliance tools via the Chainlink Automated Compliance Engine.
Mini dictionary: Chainlink CCIP 2.0 is an upgrade to the Cross-Chain Interoperability Protocol that enhances secure messaging and token transfers between blockchains. The version 2.0 release adds greater speed, flexibility, and regulatory compliance features for institutional users.
While LINK rallied 10% on the same day as the CCIP 2.0 announcement, analysts note that the upgrade alone cannot be definitively credited as the trigger for the token’s price jump.
