Chainlink (LINK) managed to trim its week-to-date losses after going down by as much as 10% following massive altcoin price correction a couple of days ago.<\/p>\n
The crypto, trading at $7.04 according to latest tracking from Coingecko<\/a>, managed to stop further price bleeding, increasing by 2.1% over the last 24-hours and lowering its seven-day decline to 5.5%.<\/p>\n But even with its price woes that made the digital asset fall from its October 2022 high of $7.92, traders appeared to be unfazed.<\/p>\n In fact, Santiment shared on its Twitter post that there were three social dominance spikes recorded for Chainlink.<\/p>\n This gave the impression that while the cryptocurrency was experiencing price dip traders were on the move, paying close attention to it.<\/p>\n Ethereum Whales Purchase Chainlink<\/p>\n Crypto whales tracker Whalestats also shared on Twitter a development that involved the 23rd ranked digital currency in terms of market capitalization.<\/p>\n The post indicated LINK was among the top 10 purchased tokens by the 500 biggest Ethereum whales over the last day.<\/p>\n This happened few hours after Chainlink announced the launch of its Economics 2.0 on October 14 in line with its plans to improve and make necessary changes to its network.<\/p>\n JUST IN: $LINK<\/a> @chainlink<\/a> now on top 10 purchased tokens among 500 biggest #ETH<\/a> whales in the last 24hrs <\/p>\n We\u2019ve also got $UMA<\/a>, $DAR<\/a>, $UNI<\/a>, #FTX<\/a> Token & $LPT<\/a> on the list <\/p>\n Whale leaderboard: https:\/\/t.co\/tgYTpODGo0<\/a>#LINK<\/a> #whalestats<\/a> #babywhale<\/a> #BBW<\/a> pic.twitter.com\/Ab3rDcTwhf<\/a><\/p>\n \u2014 WhaleStats (tracking crypto whales) (@WhaleStats) October 14, 2022<\/a><\/p>\n With the help of Economics 2.0, the blockchain network is expected to increase its fees and revenue capture as well as security through staking.<\/p>\n According to Chainlink\u2019s Twitter post, their ultimate goal is to \u201cunlock the immense value of Web3 by ensuring it has the sustainable, secure infrastructure it needs to go mainstream.\u201d<\/p>\n 1Perhaps the successful launch was also the reason why traders continued following Chainlink despite seeing its price drop once again.<\/p>\n Chainlink Has The Potential To Outperform Bitcoin<\/p>\n For the longest time, the crypto space believed that if there is a cryptocurrency that could outperform Bitcoin, it could be Ethereum.<\/p>\n But an analyst made the suggestion that Chainlink could be the dark horse that could do better than the largest crypto by market cap.<\/p>\n Into The Cryptoverse (ITC) founder Benjamin Cowen said LINK is currently in accumulation phase during this bear market but will outperform even Bitcoin once the bull market resumes.<\/p>\n 1\/ The goal of #Chainlink<\/a> Economics 2.0: unlock the immense value of Web3 by ensuring it has the sustainable, secure infrastructure it needs to go mainstream.<\/p>\n Econ 2.0 hinges on:<\/p>\n \u2022 Increasing fees & revenue capture \u2014 Chainlink (@chainlink) October 14, 2022<\/a><\/p>\n \u201cOne of the reasons why I think it hasn\u2019t done as well recently, obviously, is not necessarily because Chainlink isn\u2019t a great project it\u2019s more so just because of the overall market risk\u2026 but I don\u2019t think the fundamentals of Chainlink shine through a bit better in the bear market than they sometimes do in the bull market,\u201d Cowen said, adding that LINK sort of acts like a backbone for many cryptocurrencies.<\/p>\n While waiting for its anticipated bull run, Chainlink network is not sitting idly as it recently formed a partnership with interbank payments system SWIFT as provider of price feeds in testing cross-chain applications.<\/p>\n As bear market continues to hurt the crypto space, Chainlink continues to strengthen its fundamentals, capturing the attention of even the biggest of investors such as Ethereum whales.<\/p>\n\n LINK total market cap at $3.2 billion on the daily chart | Featured image from IndiaMart, Chart: TradingView.com<\/a><\/p>\n Disclaimer: The analysis represents the author’s personal views and should not be construed as investment advice.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Chainlink (LINK) managed to trim its week-to-date losses after going down by as much as 10% following massive altcoin price correction a couple of days ago.<\/p>\n The crypto, trading at $7.04 according to latest tracking from Coingecko<\/a>, managed to stop further price bleeding, increasing by 2.1% over the last 24-hours and lowering its seven-day decline to 5.5%.<\/p>\n But even with its price woes that made the digital asset fall from its October 2022 high of $7.92, traders appeared to be unfazed.<\/p>\n In fact, Santiment shared on its Twitter post that there were three social dominance spikes recorded for Chainlink.<\/p>\n This gave the impression that while the cryptocurrency was experiencing price dip traders were on the move, paying close attention to it.<\/p>\n Ethereum Whales Purchase Chainlink<\/p>\n Crypto whales tracker Whalestats also shared on Twitter a development that involved the 23rd ranked digital currency in terms of market capitalization.<\/p>\n The post indicated LINK was among the top 10 purchased tokens by the 500 biggest Ethereum whales over the last day.<\/p>\n This happened few hours after Chainlink announced the launch of its Economics 2.0 on October 14 in line with its plans to improve and make necessary changes to its network.<\/p>\n JUST IN: $LINK<\/a> @chainlink<\/a> now on top 10 purchased tokens among 500 biggest #ETH<\/a> whales in the last 24hrs <\/p>\n We\u2019ve also got $UMA<\/a>, $DAR<\/a>, $UNI<\/a>, #FTX<\/a> Token & $LPT<\/a> on the list <\/p>\n Whale leaderboard: https:\/\/t.co\/tgYTpODGo0<\/a>#LINK<\/a> #whalestats<\/a> #babywhale<\/a> #BBW<\/a> pic.twitter.com\/Ab3rDcTwhf<\/a><\/p>\n \u2014 WhaleStats (tracking crypto whales) (@WhaleStats) October 14, 2022<\/a><\/p>\n With the help of Economics 2.0, the blockchain network is expected to increase its fees and revenue capture as well as security through staking.<\/p>\n According to Chainlink\u2019s Twitter post, their ultimate goal is to \u201cunlock the immense value of Web3 by ensuring it has the sustainable, secure infrastructure it needs to go mainstream.\u201d<\/p>\n 1Perhaps the successful launch was also the reason why traders continued following Chainlink despite seeing its price drop once again.<\/p>\n Chainlink Has The Potential To Outperform Bitcoin<\/p>\n For the longest time, the crypto space believed that if there is a cryptocurrency that could outperform Bitcoin, it could be Ethereum.<\/p>\n But an analyst made the suggestion that Chainlink could be the dark horse that could do better than the largest crypto by market cap.<\/p>\n Into The Cryptoverse (ITC) founder Benjamin Cowen said LINK is currently in accumulation phase during this bear market but will outperform even Bitcoin once the bull market resumes.<\/p>\n 1\/ The goal of #Chainlink<\/a> Economics 2.0: unlock the immense value of Web3 by ensuring it has the sustainable, secure infrastructure it needs to go mainstream.<\/p>\n Econ 2.0 hinges on:<\/p>\n \u2022 Increasing fees & revenue capture
\n\u2022 Reducing operating costs
\n\u2022 Increasing security via staking pic.twitter.com\/wAMI9vLZlu<\/a><\/p>\n
\n\u2022 Reducing operating costs
\n\u2022 Increasing security via staking pic.twitter.com\/wAMI9vLZlu<\/a><\/p>\n