While Chainlink has been growing in popularity as a “strong contender in the smart contracts market,” its price has been going off the charts.

This fifth largest digital asset has spiked about 1,000% since the March pandemic lows. LINK continues to rage on, reaching a price of over $20 on some crypto exchanges.

Over the past 30 days, LINK has risen about 140% and is now the third highly traded digital asset behind Bitcoin and Ethereum, in terms of average 7-day volume, as per Coin Metrics.

Moreover, in line with price, Chainlink's network activity is also continuing to rise, with 13,000 active addresses recorded yesterday and 6290 new addresses created.

Additionally, Binance Futures is launching LINK/USD coin-margined perpetual contract, a futures contract where LINK is collateral, with up to 75x leverage on August 19.

“Marines with leverage,” tweeted Binance CEO CZ, explaining to one user how “Leverage doesn't change an asset's price,” rather just “gives both long and short more… leverage.”

Over the last few days, LINK's gains were partly driven by Dave Portnoy's shilling to send the digital asset “to the moon”. Barstool Sports' president, who recently became popular on Twitter as a day trader during the coronavirus pandemic induced stimulus and lockdown and ventured into crypto claims, unlike SEC-regulated traditional markets, crypto space, encourages pump and dump schemes.

According to analyst Mati Greenspan, this “is not a good look for the community and certainly a step back from building the internet of value.”

For now, LINK has corrected about 18% and is currently trading at $16.37.

“LINK experienced a pretty unprecedented drop, independent from the rest of the crypto markets. Notable is the 6-month drop of the percentage of Chainlink tokens on exchanges, declining from 8.6% to 6.9% during this timeframe,” stated crypto data provider Santiment.

LINK's holders, called LINK Marines, are not the culprits here as Santiment added the declining LINK balance on exchanges “supports the narrative that the LINK army just isn't selling, and more and more of the supply is being moved to offline wallets.”

These LINK Marines are reportedly 50,000 strong with Framework Ventures being the largest private token holder of the digital asset.

“What they do is they promote it,” Anderson told Bloomberg. “This is one of the things that's unique to the blockchain, where the community is compelling.”

While the Marines are holding strong, LINK developers are selling. These devs reportedly sold about $40 million worth of LINK up until the weekend. But it is not the reason behind the pullback because it was nothing new this month.

Trader Josh Olszewicz pointed out how LINK devs have been selling for months now, and the rate of LINK sold hasn't changed, “still 1m LINK/month thus far.”

More importantly, Chainlink has had the highest GitHub developer commit rate over the last 12 months.

The pullbacks have been nothing for LINK after new ATHs, and given that Bitcoin is moving upwards, this BTC decoupled digital asset is moving in the opposite direction. Some traders might also be taking off profits.

Nevertheless, Chainlink has become a “de facto choice” for DeFi applications that outsource their data feeds, which is reportedly powering 95% of all public blockchain derivatives.

As Greenspan puts it, “it's designed to translate things that are happening in the real world into data on the blockchain.”

Moreover, Chainlink's partnerships, such as Alphabet's Google, which got the project off the ground, add to its growth. “We work with them on a weekly and monthly basis,” said Sergey Nazarov, co-founder, and CEO of San Francisco-based SmartContract.

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