Chainlink (LINK), which suffered a 10% drop in its weekly losses following a massive correction of altcoin prices a few days back, managed to reduce those losses.
According to most recent tracking, the crypto trades at $7.04 CoingeckoPrice bleeding was stopped by a 2.1% increase in the past 24 hours, and 5.5% decrease over seven days.
Traders seemed unaffected by the price drop of digital assets from their October 2022 peak of $7.92.
Santiment actually shared in a tweet that three spikes of social dominance were observed for Chainlink.
The impression was that even though cryptocurrency prices were dropping, traders still paid close attention.
Ethereum Whales purchase Chainlink
Whalestats, a crypto whales tracker Whalestats shared a Twitter update that included the following:RdRanking digital currency by market capitalization
The tweet indicated that LINK had been among the top 10 tokens purchased by the 500 most powerful Ethereum whales during the previous day.
Chainlink had just announced that its Economics 2.0 was being launched on October 14, in keeping with their plans to make changes and improve its network.
— WhaleStats (tracking crypto whales) (@WhaleStats) October 14, 2022
The blockchain network will benefit from Economics 2.0 to raise its revenue and fees, as well as increase security via staking.
According to Chainlink’s Twitter post, their ultimate goal is to “unlock the immense value of Web3 by ensuring it has the sustainable, secure infrastructure it needs to go mainstream.”
1Perhaps Chainlink’s success was the main reason traders continued to trade despite the price dropping once more.
Chainlink Can Outperform Bitcoin
The crypto community believed for a long time that Ethereum could surpass Bitcoin in terms of performance.
Analysts suggested Chainlink as a dark horse and able to do more than the most valuable crypto in terms of market capital.
Benjamin Cowen, founder of Into The Cryptoverse (ITC), stated that LINK was currently in an accumulation phase during the bear market and will continue to outperform Bitcoin when the bull market returns.
1) The aim of #ChainlinkWeb3 Economics 2.0: Make Web3 a mainstream entity by providing the infrastructure and sustainability it needs.
It all depends on Econ 2.0:
• Increasing fees & revenue capture
• Reducing operating costs
• Increasing security via staking pic.twitter.com/wAMI9vLZlu
— Chainlink (@chainlink) October 14, 2022
“One of the reasons why I think it hasn’t done as well recently, obviously, is not necessarily because Chainlink isn’t a great project it’s more so just because of the overall market risk… but I don’t think the fundamentals of Chainlink shine through a bit better in the bear market than they sometimes do in the bull market,” Cowen said, adding that LINK sort of acts like a backbone for many cryptocurrencies.
Chainlink network has been busy waiting for its bull run. It recently formed an alliance with SWIFT, interbank payment system SWIFT to provide price feeds that are used in cross-chain testing.
Chainlink, which continues to be hurt by the bear market in crypto, continues to build its foundations and attracts the attention even of the largest investors like Ethereum whales.
LINK market capital at $3.2 Billion on daily chart. Featured Image from IndiaMart. Chart by TradingView.com| Featured image from IndiaMart, Chart: TradingView.com Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.