Coinbase had recently made an announcement regarding a new crypto token, Chainlink (LINK), that it was planning to launch. The announcement, which happened on the 26th of June, caught most industry experts by surprise. Coinbase also made it known that the nascent token would be included in the corporation’s listing of its official products.
Coinbase had incorporated the Chainlink currency with the Coinbase Pro trading medium, allowing premium traders to use it. Following the announcement, traders in the exchange were given the opportunity to inject their LINK tokens into the system from outside of the trading platform from the dawn of that day.
Coinbase issued a new announcement surrounding this one, where it revealed that that the ability to utilize the new Chainlink token was also applied across a multitude of platforms, ranging from Coinbase’s own apps on the Android and iOS networks. Users on all of these fronts were now given the power to trade in LINK tokens, apart from purchasing and receiving them.
These successive announcements helped the nascent coin gain massive media attention and also acquire new ground on the market. The coin’s price shot by over 70% within the coming few hours, giving it a much stronger position in the market.
As of the time of this story’s release, the LINK coin’s value rests at just below five dollars ($4.45). The token has also witnessed over seven hundred million dollars ($767 million) in collective transaction volumes in the past twenty-four hours. Chainlink is now looking to establish itself as one of the many tokens backed by Ethereum that have dominated in the crypto market.
Reports link the currency’s massive transaction volumes to the Binance trading platform, that had handled over two-thirds of the currency’s trading activities.