Chainlink (LINK) is up significantly in price since Sept. 1, but this price rally hasn't been accompanied by a similar rise in new wallet activity.
As on-chain analytics provider Santiment noted, LINK's price is up about 24% from Sept. 1 to Oct. 6. However, the number of new LINK addresses hasn't seen much of an increase.
As noted by Santiment, new LINK addresses are averaging 1,249 per day over the past four weeks up to Oct. 6. By comparison, new LINK addresses were averaging 1,225 per day over the past four weeks up to Sept. 1. That's an increase of less than 2%.
This is in stark contrast to, say, Solana. New Solana addresses are up 33% over a similar time period. And SOL is up about 20%. Meanwhile, ETH hasn't seen much of an increase in new addresses despite an 11%-ish rise in price.
Chainlink (LINK) price sees a significant rally in September.
LINK closed at around $11.22-$11.23 on Sept. 1, depending on the exchange. And as of Oct. 6, LINK is closing at around $13.96, meaning it's up about 24.4%. Coinbase historical data shows that LINK closed on Sept. 1 at $11.228. Meanwhile, Binance shows LINK closed on Oct. 6 at $13.959.
Earlier in September, LINK spiked over $13 at the start of the month before sharply pulling back. On Binance, LINK fell to an intraday low of $10.618 on Sept. 16. But that's when the bulls started taking over. LINK broke over $12 on Sept. 18. Then the token finally pushed over $15 later in the month.
On Sept. 28, LINK saw its biggest move of the rally. During that day, LINK was up 10.15% to close around $15.45. It also traded as high as an intraday high of $15.77. In other words, it's up about 38% from its Sept. 1 closing price in terms of closing prices.
Chainlink makes key ecosystem upgrades
The price rally has come amid a flurry of ecosystem announcements.
For example, Chainlink launched CCIP 2.0 on Sept. 28, a big upgrade to its cross-chain infrastructure. CCIP 2.0 offers more control over cross-chain transactions to institutions and asset issuers via features like optional extra verifiers, faster-than-finality transfers, configurable fees, and native compliance features via the Chainlink Automated Compliance Engine.
It is worth noting that LINK was up 10% on Sept. 28, the same day as the CCIP 2.0 announcement. However, that's not enough to say that the CCIP upgrade triggered LINK's price rise.