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Chainlink Up Nearly 1,000% Since 'Black Thursday' Crash

Chainlink's LINK token has surged nearly 1,000% over the past five months, and some are worried the market is beginning to overheat.

Aug 18, 2020 at 10:02 a.m. UTC
Updated Sep 14, 2021 at 9:45 a.m. UTC

The rally in data oracle coin chainlink means it is now up nearly 1,000% from where it was when markets tumbled during the Black Thursday sell-off.

  • After bottoming at a near-year low of $1.79 on March 17, LINK tokens have been within a few cents of the $20 boundary in the past few days.
  • CoinGecko data shows LINK hit $19.54 in the past 24 hours, or 983% above its mid-March price. It hit its all-time high of $19.84 on Sunday.
  • The price rise has been accompanied by a surge in investor enthusiasm: Searches for chainlink on Google are at an all-time high and its trading volumes have soared past that of bitcoin's.
  • Media owner and latter-day trader David Portnoy has spurred the hype further after reportedly buying $50,000 worth of LINK at the weekend.

LINK price from the start of March.

  • Some are concerned. Mati Greenspan, the founder of analyst firm Quantitative Economics, told CoinDesk the euphoria surrounding Chainlink was a worrying sign some investors may be getting in over their heads.
  • "Kids bragging on social media about getting their parents' and grandparents' retirement funds into this [is] usually a good sign that the top is near," he said.
  • At press time, LINK tokens were down 10%, trading just above $17.

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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