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Home Cryptocurrency news Bitcoin

Mega Bitfinex Bitcoin Whale: Chainlink FOMO Will Eventually Fizzle

Tony Spilotro by Tony Spilotro
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
chainlink whale crypto bitfinex
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Chainlink continues to set new high after high, after breaking upward out of its bullish trend channel and going parabolic. The asset is in full price discovery mode, and investors are exuberant.

It’s prompted one of the largest whales on Bifinex to comment on the seemingly unstoppable altcoin. And he says that like all other altcoins, Chainlink too will fall victim to becoming a “shitcoin.”

Bitfinex Bitcoin Whale Warns FOMO Will Eventually Fizzle On Unstoppable Altcoin

Chainlink is once again the talk of the cryptocurrency market. It has been the best performing asset two years running, but in 2020 so far, it is up over 390% and still climbing.

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After recently breaking its previous all-time high set ahead of Black Thursday, the altcoin broke upward out of a long-term bullish channel. The momentum sent the asset parabolic and into price discovery mode.

FOMO is fueling each new record being set, as more and more investors catch wind of the crypto market superstar.

Related Reading | Alt Season: ‘Altcoins’ Search Volume Surges On Google Trends

But from the murky waters of the cryptocurrency exchange Bitfinex, the platform’s most profitable and vocal whale is speaking out about what he says is still a “shitcoin.”

The whale knowns by the Bifinex leaderboards as Joe007 says that each “shitcoin, no matter how shitty, has FOMO-generating potential.”

“Each instance of shitcoin FOMO creates concentrated riches for its few peddlers and widespread losses for a new generation of shitcoin bagholders,” he continued in a response to a Twitter thread on LINKUSD.

The comments are likely to cause uproar in the crypto community due to the strong positive sentiment swarming the altcoin. However, the Joe007 often takes an opposing stance on many sensitive subjects.

Or perhaps he’s just trolling. Joe007 has clashed with stock-to-flow model creator PlanB and has recently bashed XRP in a similar fashion.

He also took a strong opposing stance to the bullish impulse at the start of 2020. The whale spent several weeks underwater but is known to be among the most profitable traders on Bitfinex, regardless.

Chainlink Continues to Make Waves In Crypto Despite Whale Criticisms

The Bitfinex mega whale can say what he wants, but Chainlink combined with irrational exuberance can also be unpredictable.

While Joe007’s theory has certainly been proven with other altcoins, Chainlink thus far seems to be different. The asset was born after the crypto bubble burst, and due to its untarnished sentiment, it hasn’t yet had a reason to pull back.

Related Reading | Chainlink’s Unstoppable Rally Has It Dominating These Top Crypto Exchanges

Once the asset’s parabola runs out of steam, how the asset reacts from there will ultimately determine if its a “shitcoin” as the whale claims. The alternative is that – like the early 2020 rally – the whale is wrong, and Chainlink could just keep on climbing.

Tags: bitcoinbitfinexbtcusdBTCUSDTcryptoJoe007Whalexbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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