The network revealed in its latest update that it added 41,105.84 LINK tokens to the Chainlink reserve. An amount that is equivalent to just over one million dollars in fiat value. According to the reserve data, the total number of coins in the reserve now amounts to 150,770.02 LINK, with an approximate value of 3.8 million dollars.
This development comes just two weeks after the network launched the reserve initiative. The team stated then that it would accumulate tokens using real revenues from institutional users and protocol-level services.
If the network maintains a deposit rate in the reserve similar to or the same as before, the LINK reserves could affect price action. However, deposits could experience a significant acceleration in the future as the Chainlink network achieves greater adoption and utility.
The market reacted with a surge in LINK when the news of the Chainlink reserve was announced earlier this month. This latest update did not have a significant impact on LINK's price action.
LINK's price plunged approximately 5% in the last 24 hours. This selling pressure occurred after hitting short-term resistance near the $27 level, following a 66% rally from its lowest price in August.