Several Core ChainLink Network Statistics Note Severe Dropoffs

BlocDesk ChainLink LINK

Every individual cryptocurrency network will go through its ups and downs. For ChainLink, the median transfer volume is hitting a very low level all of a sudden. In theory, this isn’t a big problem, but people will want to keep an eye on these proceedings.

ChainLink Median Transfer Volume Dips

Compared to the beginning of 2020, ChainLink’s network is more than healthy.. A strong price increase and more services using the technology will often do wonders. Due to the LINK price increase, there was also an overall increase in the median transfer volume. Such growth usually will not last long. Just because LINK has a higher value doesn’t mean people are more eager to spend it all of a sudden. 

BlocDesk ChainLink Median Transfer Volume
Source: Glassnode Studios

Judging by the chart above, there is a strong decrease in median transfer volume. In fact, the volume was 11.86 LINK about two weeks ago, Today, it has dropped to 1.876 LINK. Again, not a problem in theory, but certainly something to keep an eye on. It makes one wonder what is triggering this dip exactly.

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LINK Transfer Volume Drops

One possible explanation for this turn of events is the sudden decline of Chainlink transactions. Again, such dips are perfectly normal and will occur on any blockchain in existence. Especially when the market changed direction all of a sudden, there seems to be a change in overall transaction volumes as well. For ChainLink, there are plenty of ups and downs in this regard, which is a healthy sign, all things considered.

Source: Glassnode Studios

This recent dip in transaction volume can explain the decrease outlined above. Over 30.475 LINK has been transferred across the network – as a 7 day moving average – which is more than respectable. Current figures are still higher compared to what was recorded a week or three ago, thus there is no reason to panic. 

A Lack of new ChainLink Addresses?

Another potential contributing factor is how there is a decrease in unique LINK addresses appearing for the first time. This is a rather interesting statistic for all crypto ecosystems. Although ChainLink noted ongoing growth in this regard, that situation has come to change. The steepest dropoff in unique addresses has been recorded for the year, which is rather intriguing. 

BlocDesk ChainLink new Addresses
Source: Glassnode Studios

Overcoming such a dip will not be easy. With all markets in a slump, it is only normal to see a decrease across the board. This situation may remain in place until the entire market recovers. When that will be exactly, is a different matter altogether. ChainLink has gone through a bullish period recently, and the correction is now affecting all segments.