Link: 12/10 Status Update

A look at the trading status of the Chainlink token

Price action

This week saw a sudden ChainLink moon all the way from 1300 Satoshis to 2800. December 5th was the big day, with the price going up by 40%. All was for nothing, though, and the pump turned into a dump almost immediately.

The price pump didn’t seem to happen for any reason. There were no news to support it. Some say that trading bots started it when the EMAs 11 and 22 crossed on the 12h chart and daytraders joined in as soon as they saw Link was trending. Other claim it was all planned by a group of whales and that an alleged insider prepared the terrain on 4chan. This guy claimed that a firm he works with in the UK has bought 100 Million tokens from whales in secret and that a ‘price singularity’ is pretty much a question of time. Given the price might suddenly shoot up 100% or 1000% when partnerships are announced, make sure you hold and don’t sell at a small profit. This person and his price manipulating buddies would then have began the pump. Bagholders who would otherwise have sold decide the hold. Sideliners believe the rumors and join the ship taking off. The whale group has an idea of how much Link 4chan owns from all those ‘Link marines report in’ threads. Once the price reaches the target of 2800 Satoshis, they begin dumping. Usuallly, you might decide it’s time to sell and buy back later, but you don’t, because you want to believe that there’s a reason for the pump. Insiders know. The announcement is about to be published. The price singularity! And you hold as the price sinks. It’s at 1519 now. And the volume that built up all of last week is gone.

Whether this was a planned raid is hard to know. However, I do know that cornering 100 Million Link from whales in secret is almost impossible. At least one of them would have laughed at the deal and made it public. Whales are in every Link group you can think of and some just for them. Sometimes they approach in privately with questions or suggestions for these write-ups. And finally, how do you buy 100 Million tokens in the market without moving them? A tall tale is attractive to everyone who believes in Link’s potential and hopes it’s being acknowledged by the market, but when something seems too good to be true it’s usually for a reason. This was the reverse of the rumors claiming that Sergey is a conman who scammed us out of 32 Million Dollars. Both stories are just as likely.

News

Speaking of tall tales, everyone’s talking about this article, a detailed explanation of ChainLink and its potential by ‘Signal Capital’ an alleged investment firm with no previous Online presence, no physical address and no apparent investments other than ChainLink. It’s the first time I read a business analysis report that starts with as amazing a sentence as ‘A big thanks to Rory for reading and reviewing this article!’. Yeah, thanks a lot, Rory-kun!

Snark aside, the article is worth reading. It’s a thorough ChainLink primer, written by an individual or small group of Link holders who either thought that publishing it as an investment firm would give it more credibility or are doing well in cryptoland and have decided to turn investing into a career. Good luck either way.

No more news this week. Yes, there’s been a few updates to the Smart Contract website (it was about time), but nothing important has been added. Swift has published a couple tweets about Swift GPI and ISO 20022 but we don’t know how much ChainLink has to do with either yet. We do know that seeing Ripple and Link fans fight in the Tweet replies is embarrassing and makes Link and Smart Contract seem unprofessional by association. Please stop.

The December announcement hasn’t happened yet (you would have noticed in the price), but it’s important to note that we know it won’t include news about exchanges or unannounced partnership. In both cases, the exchanges or the companies involved would have to announce first. The best case scenario is that they do before the end of December, the price shoots up, and Sergey’s announcement is an ‘As you know’ write-up with dates for the mainnet launch. Worst case scenario is he wishes us a merry Christmas and a happy new year.

Wallets, Exchanges and the Top 100

Link is number 95 and continues to generate a disproportionate rate of memes for its marketcap of $86M. It will probably leave the top 100 again as Bitcoin Diamond and new hyped ICOs like Wabi make their entrance.

We have no news from Bittrex. Getting listed there would be very positive, though, so fingers crossed. Some have theorized that the 4 Million Link leaving one of the developer’s wallets might not be for Bittrex but a payment to a new employee instead.

There’s been a significant change in the wallets: The number of holders has gone down by 4,000. There are 11,488 holders now.

It’s not that people have sold massively, but that Binance has consolidated hundreds of individual wallets into just a handful. This is very interesting as it gives us a much better insight into how much Link is in the exchange. The biggest Binance wallet is the new number 2 with 107 Million tokens. There are at least two other Binance wallets and the exchange holds at least 119 Million Link. A third of all circulating tokens are held by the Chinese exchange.

That’s all this week. We have three more weeks until the end of the year. News between now and then will determine the token price for a long time.

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