Chainlink shatters the hopes of LINK enthusiasts after a brutal 60% defeat.
While LINK enthusiasts continue to make a splash on Twitter, Reddit and other social media, the cryptocurrency that captivated everyone’s attention in August is having a very difficult month.
LINK has already dropped more than 60% from its historic high of around $ 20, which was reached on August 16.
So far, it is trading at $ 8.20, its lowest level since early August.
Portnoy dodged a bullet
After rising 180% in a few weeks and exceeding the market capitalization of Bitcoin Cash, Chainlink began to attract the attention of mainstream media. Ironically, a Bloomberg article about the burning “obscure” token marked the beginning of this boom.
That was just a day after Dave Portnoy of Barstool Sports decided to invest $ 50,000 in LINK and proclaimed himself the community captain with profile pictures on the subject of Pepe the Frog.
Due to the token’s slow performance, he gave up in just one week, calling LINK fans “weak”:
“I will wait and watch. I lost 25k. Just like in the stock market, it took my brain a while to find out. I know that. Link fans are weak and the orchid flowers die in the crypto world. I may or may not be. ”
LINK has so far dropped more than 42% since it was abandoned by the stock selection guru.
Pure speculative fervor
LINK, the native token of the decentralized oracle provider Chainlink, has no use case so far, besides attracting speculators. Unlike Bitcoin or Ether, it does not position itself as money, and Chainlink has yet to launch a bet that would allow token holders to obtain passive income.
Analysts attributed LINK’s big manifestation to Chainlink’s partnership announcement left and right, taking a page from Ripple’s marketing manual.