Is Chainlink (LINK) crypto climbing on Robinhood (HOOD) news?

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Is Chainlink (LINK) crypto climbing on Robinhood (HOOD) news?

 Is Chainlink (LINK) crypto climbing on Robinhood (HOOD) news?
Image source: © Trismegist8 | Megapixl.com

Highlights:

  • Robinhood Inc has announced to add the Chainlink (LINK) crypto to its platform.
  • The LINK token can be traded on exchanges like Huobi Global, Coinbase Pro, etc.
  • It returned over 3% gains in the last seven days.

The Chainlink (LINK) crypto rallied by over 5%, boosted by more than  41% increase in trading volume in the last 24 hours to Tuesday morning after Robinhood added the token to its trading platform.

Analysts believe the news of the LINK token’s listing on Robinhood may have driven its price higher on Tuesday, although there have been other recent announcements from the company.

What is Chainlink (LINK) crypto?

Chainlink calls itself a blockchain abstraction layer to enable smart contracts. It allows secure interactions of blockchains for data, events, and payments through a decentralized oracle network.

In addition, it provides critical off-chain information required by complex smart contracts for digital agreements. The network is managed by a large open-source community comprising data providers, node operators, and developers. It ensures the decentralized participation of node operators and users.

The LINK token can be traded on crypto exchanges like Huobi Global, Coinbase Pro, Kraken, etc.

Why is it gaining attention?

The LINK token price rallied after Robinhood's announcement on Tuesday to list the crypto on its trading platform. Robinhood is a major financial services company that facilitates commission-free trades of stocks, cryptos, ETFs, etc., through a mobile app.

Recently, Chainlink has announced several important network updates on its social media platforms.

For instance, on June 24, Outer Ring, a massively multiplayer online game (MMOG), announced its collaboration with Chainlink to distribute over 350,000 NFTs for the “Lootboxes” sale.

These announcements may have pushed its price higher.

Chainlink (LINK) crypto price and performanceData Source: CoinMarketCap.com

Bottom line:

The LINK token was priced at US$6.94 at 11:12 am ET on June 28, up 5.02%, while its volume for the trailing 24 hours rose 41.95% to US$597.79 million. It has a market cap of US$3.24 billion, and its fully-diluted market cap is US$6.94 billion.

It has a maximum and total supply of 1 billion, and its current circulating supply is 467.09 million. It returned gains of 3.75% in the last seven days. The LINK crypto saw the highest price of US$9.51 and the lowest price of US$5.36 in the last 30 days.

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