Link: 11/26 Status Update

A look at the trading status of the Chainlink token

Bitcoin has shattered its ATH and is on a moon mission to 10,000 and beyond. It’s one full of bearish technical analysis signals and I definitely don’t think this is a good moment to purchase your first Bitcoin. Still, this is today’s reality: Bitcoin rises and so do alts. But not Chainlink.

Price action

Last week I predicted a rally might follow the fall to 1,700 satoshis. It did, but it was anemic and took the price to 2,300 only. Now it’s on it’s way back to 1,700. No news, no interest, especially not in a market that feels like a toy store with too many shiny car models to play with. Any one of them might become your real-life lambo, and new ones arrive by the hour.

Link and the top 100

If you follow Coinmarketcap or even just the Link Trader subreddit, you’ve noticed. Link isn’t in the top 100 anymore, which is like your website falling to page two in Google search results. It’s number 101 now and priced at $0.185341. It will probably fall further as Bitcoin Diamond and a number of new, well-funded ICO projects demand their place in the Sun, even if it doesn’t last very long.

Bitcoin Gold just arrived, Bitcoin Diamond is coming, and there are more and more Bitcoin forks to come. Forks might be the 2018 crypto story the way ICOs have been in 2017. Some joker even announced a ChainLink on 4chan. Where else.

News

This is where it’s at, right? News could change everything. While I was hoping for an interview with Sergey that I would publish here, my request has gone unanswered for almost a month now. But there is hope yet. Although there aren’t any official news, it seems like the team’s stringent no-hype policy has relaxed a bit as the community’s morale reaches new lows.

Rory said this week that ‘there are a lot of good things on the way’, which he’ll make public before the end of the year.

What could the news be? Well, a roadmap with dates, to begin with. A specific date for the main net launch. Information about new hires. Client names. Partnerships.

And, of course, new exchanges.

Is Link being listed on Bittrex?

Everyone’s talking about it: Someone sent one Link token to a Bittrex wallet. We know that wallet is for companies hoping to have their token listed in that exchange and sending one token is part of the review process. Some people are protesting that the transaction happened after the wallet address was made public. Anyone could have sent it! That might be the case, but then there’s the closest proof we have to a smoking gun: The transfer of 5,000,000 tokens from the top 7 wallet to a new one. Wallet 7 belongs to the developers, and it makes sense that Bittrex would require millions of tokens in order to have liquidity when ChainLink begins trading on their platform.

All in all, I’d say there’s an 80% chance that the rumor is true and ChainLink is listed on Bittrex soon. The community hopes that the added volume of a reputable exchange like Bittrex will help the price break out of of its current range between 1,700 and 3,500 Satoshis. That would be great, but I doubt it. Only solid good news will bring the volume and added interest that the token needs. And that’s what the team has (kind of) promised to deliver before the end of the year. Emphasis on kind of.

Exchanges and whales

No news on the exchanges. Mercatox still has about 10% of the volume while Binance calls the shots.

There are news about the whales, though. Two of them, both in the top 20, have withdrawn a total of 2,500,000 tokens off Binance during the last week. A third one withdrew almost 800,000. They could be done accumulating or they could be preparing for Link being listed on Bittrex. Finally, maybe these are just Binance cold wallets and all we’re looking at is the exchange moving their tokens around for security reasons. Who knows.

On the other hand, a whale moved 300,000 tokens to EtherDelta and yet another one sent 1,500,000 to Binance. This one could be an exchange cold wallet or an actual holder liquidating part of his position. This particular whale still has 8,000,000 Link, though, so it’s not like he’s leaving ship.

And that’s all this week. It feels like a lot, doesn’t it? Lots of movement. Lots of disappointment. Lots of expectations.

Contact information

Twitter

crypto@cryptotakeoff.com

ETH: 0x00bBa03Ed7B3cE9F1efDFc9945a95AF6ED42A577

BTC: 32VqiE9gYYaL3k8KTkaKfi41AdNENPRKLD

Additional information about ChainLink