Chainlink (LINK) Dump Erases $600 million in Market Value

After Chainlink raised $32 million in its 2017 ICO, crypto analysts were already criticizing its skewed distribution metrics. Out of a total of one billion LINK, the development team held 650 million Links while allowing the 350 million remainder to circulate throughout the market. Despite the questionable foundation created by these unfavorable scenarios, ChainLink valuations rose by more than 3,710% in less than two years.

However, large portions of these gains accumulated after an apparent marketing blitz on 4chan’s /biz/ board was conducted earlier this year. In a matter of weeks, ChainLink valuations experienced a ten-fold rally that caught many in the market off-guard, with TrustNode asking some tough questions:

For months now 4chan’s /biz/ could easily be mistaken for /chainlink/, leading one to dismiss the project. The astronomic recent rise of about 10x in weeks could also lead one to just call it a 4chan pump, but is there actually something here?

Read More at Bitcoinist

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