Why Chainlink Was Shooting Higher on Sunday
Sunday was hardly a day of rest for Chainlink (CRYPTO: LINK) investors, as they were busy trading up the niche cryptocurrency. As of mid-afternoon, Chainlink's price had risen by almost 4%; like a certain low-priced crypto in the very recent past, the token seems to be benefiting from an association with a high-profile individual who's involved in the digital currency realm.
Chainlink is a token that anchors a network of "oracles," which are node operators that provide reams of data. This is made available to other blockchains to provide data that can underpin smart contracts. A good example of this is scores and statistics from sports contests, which can be fed into smart contracts operated by online betting companies to handle wagers.
That's enough of a specialty to attract Eric Schmidt, the former CEO of Google, now the core business unit of Alphabet. Since late 2021 he's been a strategic advisor to Chainlink Labs, the token's developer, and has become arguably the most high-profile individual proselytizing for the blockchain and its token.
Source Fool.com
