Chainlink dump left more than $600 million value of LINK tokens erased after a series of bulk sales that started in July. In today’s altcoin news we see that the Chainlink development team valuations dropped as well by more than 60 percent after they reached a high of $4.80.
After the Chainlink raised more than $32 million in its 2017 ICO, some of the crypto analysts were already criticizing the distribution metrics. Out of the total one billion LINK tokens, the development team had about $650 million in custody while other 350 million remained in the circulation throughout the market. Despite the questionable foundation that was created by these scenarios, the Chainlink valuations increased by more than 3.710% in less than two years. A huge portion of these gains accumulated after the apparent marketing development on 4chan’s board was conducted earlier this year. In just a few weeks, ChainLink’s valuations had a ten-fold rally that caused many of the market participants off-guard with TrustNode asking some tough questions. On July 6th, the Chainlink development team issued a statement that there were obvious warning signs for all crypto investors with bullish exposure:
‘’We do sincerely appreciate our community’s continued support and understanding as we expand the number of people working on Chainlink, and we will of course do our best to ensure that our expansion plans are accomplished responsibly, carefully managing the company’s resources, capital and LINK.’’
In their press release, we can notice that the team is telling the investors that they need to sell portions of their holdings in order to hire new people but these claims remained questionable after the fact that Chainlink raised more than $32 million during the ICO in 2017. The Chainlink dump has now however deleted up to $600 million of the tokens. The story sounds already familiar to the events that happened to XRP previously this year where another series of market events led to a significant loss for investors. As it was reported in the latest cryptocurrency news, the data compiled by Etherscan it shows that there was huge pressure directed at ChainLink over a 40 day period where about 700,000 Links were sold on 14 different occasions. The trends have also fallen back to more than normalized levels with volumes of about $70 million and price valuations below $2.50.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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