Chainlink (LINK) Makes Top 10 List Of Most Purchased Tokens In Last 24 Hours

Christian Encila

2 years ago

4 mins read

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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.

The crypto, trading at $7.04 according to latest tracking from Coingecko, managed to stop further price bleeding, increasing by 2.1% over the last 24-hours and lowering its seven-day decline to 5.5%.

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.

In fact, Santiment shared on its Twitter post that there were three social dominance spikes recorded for Chainlink.

This gave the impression that while the cryptocurrency was experiencing price dip traders were on the move, paying close attention to it.

Ethereum Whales Purchase Chainlink

Crypto whales tracker Whalestats also shared on Twitter a development that involved the 23rd ranked digital currency in terms of market capitalization.

The post indicated LINK was among the top 10 purchased tokens by the 500 biggest Ethereum whales over the last day.

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.

JUST IN: $LINK @chainlink now on top 10 purchased tokens among 500 biggest #ETH whales in the last 24hrs ?

We’ve also got $UMA, $DAR, $UNI, #FTX Token & $LPT on the list ?

Whale leaderboard: https://t.co/tgYTpODGo0 #LINK #whalestats #babywhale #BBW pic.twitter.com/Ab3rDcTwhf

— WhaleStats (tracking crypto whales) (@WhaleStats) October 14, 2022

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.

According to Chainlink’s Twitter post, their ultimate goal is to “unlock the immense value of Web3 by ensuring it has the sustainable, secure infrastructure it needs to go mainstream.”

1Perhaps the successful launch was also the reason why traders continued following Chainlink despite seeing its price drop once again.

Chainlink Has The Potential To Outperform Bitcoin

For the longest time, the crypto space believed that if there is a cryptocurrency that could outperform Bitcoin, it could be Ethereum.

But an analyst made the suggestion that Chainlink could be the dark horse that could do better than the largest crypto by market cap.

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.

1/ The goal of #Chainlink Economics 2.0: unlock the immense value of Web3 by ensuring it has the sustainable, secure infrastructure it needs to go mainstream.

Econ 2.0 hinges on:

• Increasing fees & revenue capture
• Reducing operating costs
• Increasing security via staking pic.twitter.com/wAMI9vLZlu

— Chainlink (@chainlink) October 14, 2022

“One of the reasons why I think it hasn’t done as well recently, obviously, is not necessarily because Chainlink isn’t a great project it’s more so just because of the overall market risk… but I don’t think the fundamentals of Chainlink shine through a bit better in the bear market than they sometimes do in the bull market,” Cowen said, adding that LINK sort of acts like a backbone for many cryptocurrencies.

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.

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.

LINK total market cap at $3.2 billion on the daily chart | Featured image from IndiaMart, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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