Why Chainlink Soared This Weekend

This past weekend was momentous for the artificial intelligence (AI) industry, and over the past few days, many assets associated with the technology were seeing price pops. Among these was cryptocurrency token Chainlink (CRYPTO: LINK), which rose by over 7% this weekend from its level at midafternoon Friday.

Chainlink has positioned itself as a crypto play on the expansion of AI. It's effectively an oracle token that allows users to pull off-chain data they need for smart contracts to work. That's a good niche, as evidenced by the nearly 2,000 projects that use Chainlink for this purpose.

Hunting for and identifying necessary data seems like it would be a good task for AI. This past May, Chainlink's developers published an extensive study demonstrating that their platform could be enhanced greatly with the use of the technology. This effectively positioned Chainlink as something of an "AI token."

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Source Fool.com