Is 70% of all Chainlink (LINK) held by 9 Whales?
Last Updated on 25 August 2020 by CryptoTips.eu
2020 has been a rollercoaster ride in terms of crypto trading. From the rise like a phoenix that Bitcoin experienced after the March lows till $12,000 just a few days ago and the unbridled popularity of DeFi coins in the past few weeks, it sometimes feels like it’s 2017 all over again. We’re just not 100% sure yet whether that’s a good story.
I just read a longish explanation of why the #link bubble will pop soon. At the very end he explained that 70% of #chainlink is owned by a very few whales. He really should have led with that reason. It's the cogent one
— Cryptoddling (@Cryptoddling) August 19, 2020
One of the most moving tales thus far has been the steady rise of ChainLink which made it all the way to the 5th biggest coin in terms of market capitalization on CoinMarketCap, somehow the most important of all lists out there.
Link Marines
Chainlink’s tale in 2020 is indeed quite a rollercoaster. The DeFi coin was trading at around $1.35 during the dark days of March but rose to about $20 just a few weeks ago.
Looks like exactly zero organic demand for $LINK from real traders on Bitfinex. Zero orders, zero trades, zero interest. Where are the Link Marines to fake demand and pretend that their (#5 marketcap crypto, mind you) shitcoin matters?! https://t.co/cxdozRdCa6
— ʲᵒᵉ?️7 (@J0E007) August 20, 2020
Even Dave Portnoy, the Barstool Sports President, confirmed that he bought into it when he made a weeklong frenzy into crypto.
The Link Marines, the social media supporters of the famous coin, are said to be so hyped about the cryptocurrency’s recent rise to $20 that they are adding coins to their tally even at the current level of $15.
https://t.co/2qGM2Eqgct https://t.co/iOrOivIA4V
— CryptoWhale ? (@CryptoWhale) August 20, 2020
Problem is that the famous Chainlink shorter company Zeus Capital recently revealed that Link Marines might be less influential than they think. If true, their recent statement that some 70% of all Chainlink coins are currently held by some 9 whales, could be a major cause of concern.
Allow us to remind you how many flash crashes Bitcoin has already undergone this year at clearly pinpoint time frames when several Whales got together and decided it was time to rake in profits.
The future of Chainlink therefore looks uncertain if this is true.
