Chainlink Token Down 60% in Under 40 Days: Opponents Ask If the Bubble Has Finally Burst? | Bitcoin News

Bitcoin.com

After reaching an all-time high of $19.20 on August 14, the Chainlink token now trades lower after losing more than 50% in value in just over a month. The token, which briefly overtook Bitcoin Cash as the fifth-ranked crypto in market capitalisation terms, was ranked 9th on Markets.Bitcoin.com at the time of writing.

On the surface, the token’s fall appears to be in sync with the rest of the crypto market, which has been dropping since Monday, September 6. Yet opponents of Chainlink insist there is more to Link’s fall than just the current bearish market trends. They point to the magnitude of the token’s fall when compared to other Defi related projects in the past 30 days.

How To Get Free Crypto  

In August, one prominent Chainlink opponent and Twitter user, Cryptowhale argued that the price of Link “had shot well beyond its intrinsic value through DeFi hype, and greed.” However, in a recent tweet, the Cryptowhale reminds his followers of the death threats he received from Link Marines after publicly advising token holders to sell. The Cryptowhale had predicted Link’s fall and since then, the token has been retreating. Opponents insist this is happening because there is nothing else left to artificially pump the price.

Also reiterating the message that Link’s rise is a bubble is Chainlink’s nemesis-in-chief, Zeus Capital LLP. The controvesial asset management company has been engaged in a very public campaign to discredit the Chainlink project claiming it is a pump and dump scheme to enrich founders. On its Twitter handle, Zeus Capital LLP regularly posts evidence of what terms token dumps by some of Chainlink’s 9 leading whales. Link whales account for 70% of all tokens in circulation according to Cryptowhale.

With Link’s continued fall, Zeus Capital LLP, which got liquidated in August after shorting the token, appears to have seized the initiative from Chainlink Marines. Still, accusations that Zeus Capital LLP is spreading FUD for its own selfish ends is not going away.

For instance, a Twitter user, Chainlinkgod.eth reminds Zeus Capital LLP followers that the asset management company “is a fake entity who pushed a fraudulent ‘research’ report to manipulate retail investors through a short and distort disinformation campaign with paid Twitter ads.”

Coinbase Banner  

Another Twitter user counters Zeus Capital LLP’s evidence of Link crashing with one that shows the token’s positive performance in the first, second and third quarter of 2020. According to this info, Link is up 84.4% in the third quarter.

Meanwhile, after briefly dropping to $7.54 on Wednesday, September 23, the Link token had recovered to $8.33 at the time of writing. The 24 hour traded volumes stood at $582 million.

What do you think of Link’s current downward trend? Tell us what you think in the comments section below.

Tags in this story
ATH, Bubble burst, Chainlink, crypto market cap, Defi Boom, FUD, LiNK, Link Marines, LINK Tokens, Link whales, Token price crash, Zeus Capital LLP

Image Credits: Shutterstock, Pixabay, Wiki Commons

Go to Source
Author: Terence Zimwara


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.