Chainlink Adds Memecoins, Activity on the Network Soars
On December 22, blockchain oracle Chainlink announced support for several memecoins on its data streams, including Simon’s Cat (CAT), Coq Inu (COQ), Goat (GOAT), Hamster Kombat’s HMSTR, and Mog Coin (MOG).
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On December 22, blockchain oracle Chainlink announced support for several memecoins on its data streams, including Simon’s Cat (CAT), Coq Inu (COQ), Goat (GOAT), Hamster Kombat’s HMSTR, and Mog Coin (MOG).
This means the service now provides price data or other relevant information about these tokens to smart contracts and systems that use it.
Chainlink’s native token, LINK, showed significant growth in the last 24 hours. While Bitcoin is down by 2.3%, trading at around $93,000, and Ether fell below $3,300, LINK is up by about 2.3%.
Currently, the coin trades at around $22 with a market cap of over $14 billion.
According to LINK Derivatives data analysis by CoinGlass, the open interest in LINK has surpassed $520 million, and its trading volume is above $1.3 billion.
At the same time, whales – wallets holding between 10 million and 100 million LINK – have purchased more than $44 million worth of LINK.
Chainlink is currently the largest oracle network, securing over $35 billion in total value across different chains, according to DeFi Llama. The network ensures messaging and programmable token transfers, allowing developers to build cross-chain applications that can handle NFTs, lending protocols, and other data-driven features.
Chainlink’s LINK token rewards node operators for securing the network and providing data. By staking LINK, users help keep the data reliable for decentralized apps.
Related: Crypto Oracles: An Overview and Key Projects
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