Recently, decline news came from the Chainlink (LINK) front, which ran from record to record, increasing its price to almost $ 20. LINK has declined by about 15% in the last 24 hours to the $ 16 band.
Chainlink broke its own record about 2 days ago, buying and selling for $ 19.83. LINK is trading in the band of $ 16.10 – $ 16.60 with today’s decline. Chainlink, one of the most talked about altcoins of recent times with its rapid increase in value, ranked in the top 5 on the list of most valuable cryptocurrencies, while remaining behind Bitcoin Cash in the 6th place in line with today’s developments.
The rapid decline of Chainlink, which we have heard about a lot of upward scenarios about its future, has shocked the market. Although it looks like it is recovering a bit after the rapid decline, analysts think the decline will continue for Chainlink.
Tweet Highlighting the Fall
For the time being, it does not seem possible to clearly state the reason behind this rapid decline. But shortly before Chainlink’s rally rally was over, Chris Burniske of Placeholder Capital seems to have predicted the dynamism with these words from his social media accounts. In his tweet, Burniske accused Chainlink of establishing fake partnerships and criticized him for the marketing strategies he used, saying that LINK will crash when the whale movements are over and better systems will come to its place in time.
— Chris Burniske (@cburniske) August 17, 2020
Why Was Chainlink (LINK) Increased So Much?
There are several different phenomena shown as the reasons for this rapid increase in chainlink value. In general, more than 200 partnerships, works in the oracle market and the marketing strategy followed by LINK, which has caused LINK to become such a popular coin and rise by the market, are shown.
Chainlink’s interest and market sensitivity not only in the USA but all over the world. LINK charted high on Google Trends. At the same time, as noted by Messari researcher Wilson Withiam, Chainlink continued to make well-managed partnership deals and integration announcements throughout the year; This made a great contribution to LINK’s development of its trade volume.
Another reason was the developments in the DeFi world. The total value of the DeFi market, which is predicted to replace banking in the future, has exceeded $ 6 billion and many successful DeFi-based ecosystems have started to come to life. The increasingly proliferation and interest of Oracle projects has certainly increased the competition, but LINK has managed to make the most of this situation and become one of the most important players in the DeFi field.
At the same time, Dave Portnoy, founder of The Barstool Sports, bought LINK worth about $ 50,000 last week with the help of the Winklevoss Twins. Portnoy, who also invested heavily in Bitcoin, praised LINK through his social media accounts.