Chainlink (LINK) Dump Erases $600 million in Market Value

chainlink

Roughly $600 million in the market value of LINK tokens has erased after a series of bulk sales triggered in July. Following a 4chan media blitz conducted by the development team, valuations have fallen by nearly 60% (after reaching highs above $4.80 on June 29th).


ChainLink Market Value Evaporates

After Chainlink raised $32 million in its 2017 ICO, crypto analysts were already criticizing its skewed distribution metrics. Out of a total of one billion LINK, the development team held 650 million Links while allowing the 350 million remainder to circulate throughout the market. Despite the questionable foundation created by these unfavorable scenarios, ChainLink valuations rose by more than 3,710% in less than two .

4chan Media Blitz Inspires FOMO

However, large portions of these gains accumulated after an apparent marketing blitz on 4chan’ /biz/ board conducted earlier this year. In a matter of weeks, ChainLink valuations experienced a ten-fold rally that caught many in the market off-guard, with TrustNode asking some tough questions:

For months now 4chan’s /biz/ could easily be mistaken for /chainlink/, leading one to dismiss the project. The astronomic recent rise of about 10x in weeks could also lead one to just call it a 4chan pump, but is there actually something here?

Shortly thereafter (July 6th), the Chainlink development team issued a statement that should have been viewed as an ominous warning signal for any crypto investor with bullish exposure:

We do sincerely appreciate our community’s continued support and understanding as we expand the number of people working on Chainlink, and we of course do our best to ensure that our expansion plans are accomplished responsibly, carefully managing the company’s resources, capital and LINK.

In the press release, we can the development team telling its investors that the ChainLink team needed to sell portions of their massive holdings in order to hire new people (i.e. for positions like “Technical Documentation Writer”). However, these claims remain questionable given the fact that ChainLink raised $32 million during its ICO less than two years ago.

Ripple Labs Similarities

The ChainLink story sounds eerily similar to events that unfolded at XRP, where another series of unfortunate market practices led to significant losses for investors.

As Bitcoinist reported, Ripple Labs systematically dumped an average of 2.425 Billion XRP tokens each year (starting in 2014). When many coins in the crypto market saw declines of +90% during the bear market periods of 2018, XRP valuations plummeted by roughly 88% (relative to its BTC pairing). Despite the massive losses felt by most investors, Ripple Labs still managed to bank incredible profits of more than $530 million.

ChainLink’s Suspicious Price Action

According to data compiled by etherscan, heavy selling pressure was directed at ChainLink a 40-day period where 700,000 Links were sold on 14 different occasions. With a total of roughly 10 million Links sold, this creates an estimated market value of about $30 million.

ChainLink / USD - TradingView.com

ChainLink / USD – TradingView.com

The chart history has only added to the market’s suspicions, as it shows large volume spikes on June 13th and June 29th. Both periods are accompanied by surges in market valuation. The second major increase in volume saw a rise to over $860 million, which is notable given its $1.4 billion total market cap.

Trends have since fallen back to more normalized levels with volumes of approximately $70 million and price valuations below $2.50.  However, these divergences from the historical averages suggest more could lie ahead for those following the storyline of ChainLink.

What do you think lies ahead for ChainLink? Let us know in the comments below!


Images via Shutterstock, LINK/USD charts by Tradingview

The post Chainlink (LINK) Dump Erases $600 million in Market Value appeared first on Bitcoinist.com.


: bitcoinist
Chainlink (LINK) Dump Erases 0 million in Market Value

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Chainlink (LINK) Still A Better Investment Than Litecoin (LTC) Despite Coming Halvening – Josh Rager

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Litecoin halving is only a day away and the Litecoin Foundation is getting ready for the big event. One significant mark that was expected as the halving approaches is a significant rise in the price of LTC, the organization’s native token. Although it has seen some price gains in the past which was attributed to the coming halving.

However, the tables have turned and with few days to go, LTC is in the red even though some altcoins are glowing. If anything, the cryptocurrency is expected to be glowing in green by this but something seems wrong and cryptocurrency trader and analyst Josh Rager Weighs in on the situation, comparing LTC and as potential investments.

Link, A Better Investment?

Rager opined that both LTC and LINK have a huge fan base, but LINK seems to be a better investment at this time regardless of Litecoin’s approaching halving. He said LTC has in a downtrend and that is not likely to change soon as it has not able to hold support against . LINK, on the other hand, has been making some impressive moves and has shown plausible response at support, he added.

LINK is currently enjoying a gain of 22.11% in the last 24 hours and 18.86% against BTC while holding 20.36% against ETH. LTC, on the other hand, has lost 3.36% in the last 24 hours and 4.7% against BTC and the crypto community seems to share Rager’s sentiments on the two. One of the respondents to his Twitter post on the two cryptocurrencies @ShineThatLite wrote:

“Based on speculation and serious partnerships #Link should be worth more than Litecoin right now in my opinion if Google acquires Link game !”

Chainlink In 2019

Chainlink has been one of the top-performing cryptocurrencies since June 2019. At the end of June, it rose to its yearly peak of $4.26. Although it later declined sharply to the $2 price level, it is now on the rise again, currently trading at $2.58. With the level of support that it is getting from the crypto community and potential investors, it may soon be going back to its yearly high again.

As the halving for Litecoin approaches, there may also be hope for LTC, if not before then after the halving is done. However, for now, the odds appear to be against the 4th largest cryptocurrency and there is no telling if things eventually get better as the market can be quite unpredictable.

The post Chainlink (LINK) Still A Better Investment Than Litecoin (LTC) Despite Coming Halvening – Josh Rager appeared first on ZyCrypto.


: zycrypto
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Long-term (LINK) Value Forecast – July 27

chainlinkchainlink

/USD -term Trend: Bullish
Resistance levels: $2.8000, $3.0000, $3.2000
Support levels: $2.4000, $2.2000, $2.0000
The LINK/USD pair in the sideways trend zone. On June 29, the bulls tested the $4.000 overhead resistance level and were resisted. The price of LINK had been on a downward correction. On July 17, the downward trend corrected at its low of the $2.08 price level. The $2.08 support level holding as the bulls broke above the 12- EMA and the 26- EMA to reach the bullish trend zone. However, the bulls were resited at the $2.8000 price level and the coin fell to a range bound move below and above EMAs.

The 12-day EMA and the 26-day EMA are trending horizontally and are flattened indicating that price is in a sideways trend.The stochastic is in the oversold region but below the 4 0% range which indicates that the price of Chainlink is in a bearish momentum and a sell signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do own research.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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Chainlink Price Prediction: Long-term (LINK) Value Forecast – July 27


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1xBit: LINK, OMG and BAT Available

1xBit: LINK, OMG and BAT Available

1xBit, a unique platform combining a sportsbook with a casino, announced that 3 altcoins as LINK (Chainlink), OMG (OmiseGO) and BAT (Basic Attention Token) were added.

Crypto betting with 1xBit

The number of the supported coins on the platform for deposits and withdrawals is steadily enlarging and 20 cryptocurrencies are now available. 1xBit’ assortment of assets is broadening with LINK, OmiseGO, and BAT to the joy of all crypto-lovers.

These crypto coins along with such solid cryptocurrencies as Bitcoin, Ethereum, Ripple, LiteCoin, and Stablecoins can be perfectly used for betting on sports or for playing in online casino. 

LINK, OMG and BAT intros

LINK

LINK, one of the newly added currencies, is a general-purpose base coin with its own LINK ecosystem and LINE Token Economy, developed under the auspices of the Japanese smart contracts company Chainlink. Starting as a mobile messaging service, LINE transformed into a global smart portal and ecosystem where LINK coins are circulated. LINK can be used to purchase tangible or

intangible goods and gain numerous benefits in the LINK ecosystem and being obtained on various digital token exchanges. For now, LINK is №17 rated with a total market cap of $991 million according to coinmarketcap.com data.

OMG

Another token in the focus is OmiseGO, a coin of OmiseGO Ethereum-based network. OmiseGO cryptocurrency is represented by staking tokens, based on a decentralized network with Proof-of-Stake model and Plasma architecture, which enable low-cost security and scalability and maintain instant currency-to-currency transfers with off-chain counterparties. Due to coinmarketcap.com info, OMG’s per token, for now, is $2,01 with $281 million.

BAT

The last but not the least digital asset added to 1xBit is BAT or Basic Attention Token. This Ethereum blockchain token can be exchanged between advertisers, publishers and users with the help of specially created open- and privacy-focused browser Brave, which advocate for privacy and users’ attention cost estimation in an equitable way. BAT is positioned on 30th place with $365 million market cap and has all chances to become one of the most recognizable cryptocurrency according to experts.

1xBit: a forward in iGaming

Following the latest trends of the crypto world, 1xBit broadening the supported digital coins to bring betting and casino experience to a new level has successfully carved out its niche on the iGaming market since 2016.

The post 1xBit: LINK, OMG and BAT Available appeared on ZyCrypto.


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