The Link Marines have won the battle but not the war. Chainlink, the decentralized price oracle whose hardcore fans number in the thousands, has increased by 10% in the past 24 hours to its current price, $15.59.
A successful skirmish from the basement battalion, and now the third weekend in a row where Chainlink has dramatically increased in price. But before traders celebrate with too much fervor, remember that last week Chainlink almost hit $20, before falling suddenly on Monday. It's been on a downward trend ever since. Consider this most recent price hike like a boxer smiling up at his opponent, his gumshield still matted with blood.
Still, now the price is back up, the sky's the limit—the next gong to hit, however, remains $20, which Chainlink has not yet managed to surpass, despite Barstool Sports CEO Dave Portnoy relentlessly pumping the coin this past week before getting out of the crypto game yesterday, calling Link Marines "weak".
Chainlink is the fifth most popular cryptocurrency by market cap after Bitcoin, Ethereum, XRP and Tether. It really only rose to prominence this summer after it got swept up in the DeFi (decentralized finance) boom. Traders pour another $1 billion into its protocols almost every week.
As a decentralized price oracle, Chainlink ensures that real-world information, like readings from a thermometer, makes its way to decentralized protocols in a trustless manner. The way Chainlink is set up incentivizes its miners not to make up false information.
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.