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Chainlink Up Nearly 1,000% Since 'Black Thursday' Crash
Chainlink's LINK token has surged nearly 1,000% over the past five months, and some are worried the market is beginning to overheat.
The rally in data oracle coin chainlink means it is now up nearly 1,000% from where it was when markets tumbled during the Black Thursday sell-off.
STORY CONTINUES BELOW
- After bottoming at a near-year low of $1.79 on March 17, LINK tokens have been within a few cents of the $20 boundary in the past few days.
- CoinGecko data shows LINK hit $19.54 in the past 24 hours, or 983% above its mid-March price. It hit its all-time high of $19.84 on Sunday.
- The price rise has been accompanied by a surge in investor enthusiasm: Searches for chainlink on Google are at an all-time high and its trading volumes have soared past that of bitcoin's.
- Media owner and latter-day trader David Portnoy has spurred the hype further after reportedly buying $50,000 worth of LINK at the weekend.
- Some are concerned. Mati Greenspan, the founder of analyst firm Quantitative Economics, told CoinDesk the euphoria surrounding Chainlink was a worrying sign some investors may be getting in over their heads.
- "Kids bragging on social media about getting their parents' and grandparents' retirement funds into this [is] usually a good sign that the top is near," he said.
- At press time, LINK tokens were down 10%, trading just above $17.
See also: Link Price Surges 32% to Overtake Bitcoin Cash as 5th-Largest Crypto by Market Cap
Paddy Baker
Paddy Baker is a London-based cryptocurrency reporter. He was previously senior journalist at Crypto Briefing. Paddy holds positions in BTC and ETH, as well as smaller amounts of LTC, ZIL, NEO, BNB and BSV.
