After hitting an all-time high of $ 19.20 on August 14, the Chainlink token is now trading lower after losing more than 50% in value in just over a month. The token, which briefly overtook Bitcoin Cash as fifth-placed crypto in terms of market cap, was ranked 9th at the time of writing on Markets.Bitcoin.com.
On the surface, the token’s fall seems to be in sync with the rest of the crypto market, which has been falling since Monday, September 6th. Chainlink opponents, however, insist that Link’s case involves more than just the current declining market trends. They indicate the extent of the decline in the token compared to other Defi projects over the past 30 days.
In August, Cryptowhale, a well-known Chainlink opponent and Twitter user, argued that the price for Link had “shot up far beyond its intrinsic value due to DeFi hype and greed”. However, in a recent tweet, the Cryptowhale is reminding followers of the death threats it received from Link Marines after publicly advising token holders to sell them. The Cryptowhale had predicted Link’s fall and since then the token has withdrawn. Opponents insist that this happens because there is nothing left to artificially pump the price.
Chainlink’s chief nemesis, Zeus Capital LLP, echoes the message that Link’s rise is a bubble. The controversial asset management company ran a very public campaign to discredit the Chainlink project, claiming it was a pump-and-dump program designed to enrich founders. On its Twitter handle, Zeus Capital LLP regularly posts evidence of what terms contain token dumps from some of Chainlink’s 9 leading whales. Link whales make up 70% of all tokens in circulation, according to Cryptowhale.
With Link’s ongoing fall, Zeus Capital LLP, which was liquidated in August following the short sale of the token, appears to have taken the initiative of Chainlink Marines. StillThe allegations that Zeus Capital LLP is distributing FUD for its own selfish purposes are not going away.
For example, a Twitter user, Chainlinkgod.eth, reminds followers of Zeus Capital LLP that the asset management company “is a bogus entity that published a fraudulent ‘research’ report to co-pay retail investors through a brief and distorted disinformation campaign Manipulate Twitter ads. “
Another Twitter user counters Zeus Capital LLP’s evidence of Link crashing with one that shows the token’s positive performance in Q1, Q2, and Q3 2020. According to this information, Link was up 84.4% in the third quarter.
After briefly falling to $ 7.54 on Wednesday September 23, the Link token had rebounded to $ 8.33 at the time of writing. The 24-hour trading volume was $ 582 million.
What do you think of Link’s current downtrend? Let us know what you think in the comments section below.
Tags in this story
ATH, Bubble Burst, Chainlink, Crypto Market Capitalization, Defi Boom, FUD, LiNK, Link Marines, LINK Token, Link Wale, Token Price Crash, Zeus Capital LLP
Photo credit: Shutterstock, Pixabay, Wiki Commons