Chainlink: Market Panic Shaves 23% Off LINK Price – Details
August 05 2024 - 9:30AM
NEWSBTC
Chainlink suffers losses as the token continues to follow the
broader market wave of bearish pressure. According to Coingecko,
the token is down 23% in the past 24 hours, representing a
significant wipe in value after the price stabilized in the $13 to
$14 price range. The crypto market continues to be influenced
by outside forces in the short to medium term, with the anxieties
of private equity bleeding into the crypto market turning the
correction into an absolute bloodbath. Related Reading:
MATIC: Market Nosedive Leads To 30% Wipe In Value What’s In It for
Chainlink? LINK’s niche of capturing and streaming price feed data
to partners has been shaken by the recent groundbreaking market
movements that have shown that the token fails to capture any
value. In a recent X post detailing recent developments that
may affect the crypto world, supporters of Chainlink left comments
that show their skepticism of its relevance to the LINK
token. Capital markets news: Mercedes, Siemens, and other
major German enterprises test commercial bank money tokens (CBMT).
“Robots could be paid automatically for the work they perform for
other companies or customers with the help of tokens,” noted the
Proof of Concept (PoC).… pic.twitter.com/KqhV5CcNAh — Chainlink
(@chainlink) August 2, 2024 “What does any of this have to do with
the $Link token? The token is what funded you guys from the very
beginning to [the] present day. How is it capturing value?” a user
on X said in their comment. What does any of this have to do with
the $Link token? The token is what funded you guys from the very
beginning to present day. How is it capturing value? — TT 🥭 &
FUD Farmer (@TTLinkie3299) August 2, 2024 Despite the skepticism of
the follower base in Chainlink, the organization continues to
receive positive news at the start of the month. Last week,
Concero, a blockchain infrastructure platform, announced its
selection of Chainlink’s CCIP for “secure cross-chain
interoperability.” Concero also joined Chainlink Build, a
partnership program that grants them enhanced access to Chainlink
services which guarantees the quality of the data stream they’ll
receive. Another addition to the Chainlink Build family is
Rivalz AI, the “first AI intel layer”, which will help the latter
in the security of its AI-driven data network. Since the Build
program is a two-way street, Rivalz made 3% of its token supply
available to Chainlink stakers and providers which is an enticing
offer to would-be stakers on Chainlink. However, sell pressure
continues to plague LINK completely negating the attractiveness of
the new additions to Chainlink’s growing Build program. The
platform also suffered a massive outflow of staked crypto.
According to DeFiLlama, Chainlink suffered a 20% decrease in total
value locked (TVL). Related Reading: Binance Coin In Turmoil:
Nearly 10% Value Erased In Market Shake-Up More Losses In The Short
To Medium Term For LINK At its current position, LINK will continue
to face losses if the token falls well beyond its October 2023
level. LINK bulls should keep defending the $8.3 support as
this will enable them to secure better positions in the long term.
However, the current environment of anxiety and fear will hinder
efforts to retake lost ground. Investors and traders should
then exercise caution as the market might follow the downward
spiral that started with the correction phase that started last
week. Featured image from Pixabay, chart from TradingView
ChainLink Token (COIN:LINKUSD)
Historical Stock Chart
From Jul 2024 to Aug 2024
ChainLink Token (COIN:LINKUSD)
Historical Stock Chart
From Aug 2023 to Aug 2024