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LINK Surges Over 13% in 24 Hours, Potentially Driven by LINK's Reserve Risk and On-Chain Inflows
BlockBeats News, August 17th, according to HTX market information, LINK surged over 13% in the past 24 hours, now priced at $24.9125.
Chainlink launched the "LINK Reserves Plan" at the beginning of August, converting on-chain oracle network revenue and off-chain enterprise service earnings proportionally into LINK token reserves. The current reserve size has surpassed one million dollars and will, in the long term, form a supply shock through a continuous buyback mechanism, enhancing the token's value capture ability.
Furthermore, in the last 30 days, LINK has seen a net on-chain inflow of 275,002 tokens ($6.65 million), while CEX reserves have dropped to an 18-month low. Whale holdings have increased from 37% in June to 42%, indicating that institutional-grade funds are accelerating their positions.
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