Link: 10/29 Status Update

A daily look at the trading status of the Chainlink token

News

The Chainlink team is preparing an update for the community. It’s been confirmed by Community Manager Rory and, although no date is confirmed, I sure hope it’s released before Devcon. Hopefully, it will have news of substance.

What we know so far is that the team is hiring developers and marketers, as well as that Sergey spoke to popular crypto Youtuber Ameer Rosic, who has over 130,000 subscriber. An interview with him could introduce a lot of new people to Chainlink, and that’s what Link needs the most at the moment: new money.

I also recommend this 4chan thread on Chainlink use cases. Thorough and clearly written.

Finally, today’s update will be the final daily one. I’ll still create weekly updates and also create similar reports for other tokens I’m interested in, like 0x or Request Network. Suggestions are welcome. I’ll also write updates on Link whenever important news are released or significant price action takes place. The best way to stay up to date on what I publish is to follow me on Twitter or here on Medium.

Link and the top 100

The price change is interesting today. Even though Link closed at $0.2065 yesterday, it’s trading at $0.2090 now. It’s the Bitcoin surge. Still, the price action is negative from yesterday’s close and Chainlink even dipped into the $0.19 range.

At the moment, Chainlink is the 35th best performing coin in the top 100. Quite the change from yesterday. Today, alts have seen very mixed action, with some taking advantage of the Bitcoin surge and others falling sharply.

It’s also the 73rd coin in market cap at $73.69M while trading volume increased to $1.52M. It’s become the 43rd coin in volume. Today we can expect the volume to increase again. It’s a busy day for alts and a happy day for Bitcoin Cash diehards.

There’s been a lot of Online discussion about Link’s low trading volume during the downtrend, with TA enthusiast interpreting that a sign that the downtrend is running out of steam and skeptics laughing at the ‘deluded linkies’. It is true that low volume during a downtrend means lack of force. It’s the same during an uptrend. Imagine that Bitcoin jumps to 7,000 over the next few days on the lowest volume in weeks. That’s a sign of weakness. Not enough money is coming in and the trend would reverse very easily at the smallest sign of trouble. That’s where we are now: The downtrend is very real, but it’s running out of steam. Solid good news could reverse it as soon as they bring new money in.

But remember, SegWit2x still looms on the horizon.

Whales, Wallets and Exchanges

Top 50 wallets: Number 13 moved a million tokens to a different wallet. I suspect this is Binance moving money between cold wallets for security reasons, but I cannot know for sure. Another whale got an extra 40,000 tokens from Binance. And that’s it.

The Binance wallet saw another 840,000 tokens leave, less than yesterday.

The top 50 hold 74.55% of the tokens. The top 100 hold 77.61%. One more day, the only significant change comes from the stream of small withdrawals from Binance, which yesterday had 91.65% of the Link volume.

As you can guess from the smaller number of tokens leaving Binance, the number of wallets hasn’t grown much. An extra 0.55%, a third of the growth we were seeing a week ago. Total wallets number 12,491.

That’s all. I’ll write the next report in a week, but I’ll make sure I write an update before should we see an announcement or significant price action.