Chainlink (LINK) has made headlines again as it enjoys increased visibility in crypto discussions. Recent findings indicate that the oracle project achieved the highest social volume in five weeks, a development attributed to its pivotal role in tokenized finance.

The uptick in engagement seems to correlate with Chainlink’s recent upgrade of its Data Streams, which now provide near real-time US stock and ETF prices throughout the week. This upgrade allows DeFi protocols to access data during pre-market, regular, after-hours, and overnight trading sessions, addressing major hurdles in bringing traditional financial markets onto blockchain platforms.

Growing Excitement

This development has sparked considerable excitement surrounding the LINK token, reinforcing its key position in tokenized finance discussions. According to insights from Santiment, social volume has surged despite general market pressures. This implies investors are focusing more on Chainlink’s infrastructure capabilities rather than viewing it merely as another altcoin accompanying Bitcoin’s fluctuating value.

In addition, data over the past month shows a rise in mentions focused on selling compared to those focused on buying, indicating an increase in bearish sentiment that hasn’t been observed in more than a year. While high social volume suggests strong engagement, the shift in focus to caution reflects growing skepticism in the discussions.

Moreover, Chainlink scores high on development activity, leading all DeFi projects by a substantial margin through various metrics, including significant weekly events on GitHub, which have shown consistent upward trends since launch.

Is LINK “Undervalued”?

Despite the cautious online sentiment, some industry experts assert that Chainlink remains undervalued. Bitwise’s CIO, Matt Hougan, recently remarked that Chainlink is among the most critical yet misunderstood crypto assets, proposing that it is indeed undervalued. This commentary arose shortly after Bitwise discreetly launched a new Chainlink Exchange-Traded Product (ETP), which experienced modest trading volume compared to Bitcoin ETPs.

Hougan articulated that many investors still regard Chainlink merely as a data oracle, a characterization he finds overly simplistic. He positions it instead as a rapidly expanding software platform that facilitates connections between different blockchains and real-world data and systems. He highlighted Chainlink’s dominant market share in crucial infrastructure services, vital to sectors like stablecoins, DeFi, tokenization, and prediction markets, as well as its adoption by major institutions such as SWIFT, JPMorgan, Visa, Fidelity, and the DTCC.

Read more about Chainlink’s challenges and visibility in the crypto market.