🚨 Up 24%, yet no one’s opening wallets—what’s really behind this LINK rally?
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👀 Background: Santiment’s on-chain data paints a striking contrast. From September 1 to October 6, LINK’s price rose 24%, but the number of new wallet addresses grew by less than 2%. Price and users are completely out of sync.
📊 Data: Over the past four weeks, LINK averaged 1,249 new addresses per day, compared with 1,225 in the four weeks before September 1—barely any change. During the same period, LINK climbed from $11.22 to around $13.96. On September 28, it surged 10.15% in a single day, closing near $15.45. The rally made headlines, but it was driven by news rather than new users.
🔥 The divide: One camp says that rising prices without user growth show this rally is being fueled by news and sentiment, not genuine new users. The other camp argues that Chainlink is enterprise-grade infrastructure, built on institutional integrations rather than retail users opening wallets—so wallet counts were never the right metric in the first place.
💡 What really deserves attention isn’t whether wallet numbers are rising. It’s the optional validators, compliance engine, and adjustable fees introduced with CCIP 2.0’s launch on September 28. Those are the real products Chainlink wants to sell—and the reasons institutions might go on-chain and be willing to pay.
⚠️ A reality check: Compared with Solana, where new addresses grew by around 33% over the same period, LINK’s user growth does look weak. Whether the story delivers depends on whether institutional integrations turn into real revenue, rather than remaining announcements and white papers.
👀 Which side are you on: Is LINK undervalued infrastructure, or is its valuation propped up by the institutional narrative and at risk of giving back its gains? Pick a side in the comments 👇
Tap the profile picture to watch the livestream + join Jiujiu’s chat group for daily strategies 🚀
#Chainlink #LINK #OnChainData
Group: 点击进入玖玖短线策略群
👀 Background: Santiment’s on-chain data paints a striking contrast. From September 1 to October 6, LINK’s price rose 24%, but the number of new wallet addresses grew by less than 2%. Price and users are completely out of sync.
📊 Data: Over the past four weeks, LINK averaged 1,249 new addresses per day, compared with 1,225 in the four weeks before September 1—barely any change. During the same period, LINK climbed from $11.22 to around $13.96. On September 28, it surged 10.15% in a single day, closing near $15.45. The rally made headlines, but it was driven by news rather than new users.
🔥 The divide: One camp says that rising prices without user growth show this rally is being fueled by news and sentiment, not genuine new users. The other camp argues that Chainlink is enterprise-grade infrastructure, built on institutional integrations rather than retail users opening wallets—so wallet counts were never the right metric in the first place.
💡 What really deserves attention isn’t whether wallet numbers are rising. It’s the optional validators, compliance engine, and adjustable fees introduced with CCIP 2.0’s launch on September 28. Those are the real products Chainlink wants to sell—and the reasons institutions might go on-chain and be willing to pay.
⚠️ A reality check: Compared with Solana, where new addresses grew by around 33% over the same period, LINK’s user growth does look weak. Whether the story delivers depends on whether institutional integrations turn into real revenue, rather than remaining announcements and white papers.
👀 Which side are you on: Is LINK undervalued infrastructure, or is its valuation propped up by the institutional narrative and at risk of giving back its gains? Pick a side in the comments 👇
Tap the profile picture to watch the livestream + join Jiujiu’s chat group for daily strategies 🚀
#Chainlink #LINK #OnChainData
