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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.
Por Paddy Baker
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.
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- 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.
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See also: Link Price Surges 32% to Overtake Bitcoin Cash as 5th-Largest Crypto by Market Cap
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What to know:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
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- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
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