Chainlink Marines Ask: Quo Vadis?

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Last Updated on 6 September 2020 by CryptoTips.eu

Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / jeroen@cryptotips.eu
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As Chainlink traded near $20 about a month ago (all time high was reached on 16 August, and a flash crash came two days later) and had by then taken the 5th place in the CoinMarketCap ranking, the Chainlink Marines were stating Semper Fi (always faithful) when asked about their favorite crypto. Having descended near 40% since then, their latin saying has by now turned into the praying version of Quo Vadis (where are you going) instead as the Chainlink price battles the $10 level.

The correction phase that the worldwide stock markets and the crypto scene seems to be undergoing in the past few days has hit no one harder than the highly popular Chainlink apparently. The summer months of July and August came with great riches and hopes, the start of the Indian Summer in September with a warning that a fall follows a proud moment.

>> Discover where to buy Chainlink.

The message by Zeus Capital (a famous Chainlink shorter) just after the coin reached it’s peak position that some 70% of all coins were held by just 9 whales, proved to be the kicker in the end that sent the coin down a rocky path.

Advertentie.

Zeus Capital doubles down

A week ago, just before the whole of the world’s stock markets and the crypto scene was met with a serious correction, the company Zeus Capital repeated it’s warning just as Chainlink seemed to stabilize around $15, saying:

Don’t get fooled… exit your positions before its too late.

Band Protocol to take over?

Furthermore, Chainlink was the major DeFi player on the Etherereum blockchain up until now, but it seems that others are ready to step up and take Chainlink’s place should it fall further. One of those is Band Protocol.

Soravis Srinawakoon, the CEO of Band Protocol, claims that his coin is about to swoop into Chainlink’s area, saying that

If you look at Band before, we actually were quite weak in the Ethereum ecosystem because Chainlink has been dominating in that space. I think this is going to mark the beginning of us really going into the Ethereum ecosystem, and we’ve been working with a lot of these major DeFi projects on top of Ethereum as well.

Link Marines believe that Band Protocol might silently be rooting for Zeus Capital as well.