A Morgan Creek Partner, Jason Williams, revealed that the recent report by Zeus Capital and the 99% drop prediction remains controversial. Thanks to the strong performance in the recent weeks, Chainlink drew quite the attention from all corners in the crypto and traditional industry, as we read in the chainlink latest news previously.
Most of the attention was positive as the Morgan Creek partner Jason Williams revealed and said that one time during LINK’s uptrend, he ended up purchasing $50,000 worth of the coin. However, some still have doubts about the project. The latest example was Zeus Capital, an alleged crypto fund based in Hong Kong and London that wrote a report saying that LINK will drop around 99% soon:
“Based on our findings we have opened a short position in LINK and recommend you doing the same with a target price of USD 0.07 and potential upside of nearly 100%.”
Although LINK dropped quite a bit since the report was released, Zeus Capital remains a controversial subject within the community. This comes after the company got its Twitter account restricted and the report about the cryptocurrency was wiped from Docsend. Despite the setbacks, Zeus Capital remained quite the active advocate against Chainlink and even republished the report on their website saying “we will not be silenced.”
The company released other tweets later which they promoted via Twitter to further disregard the cryptocurrency. The tweet was well received by some and others said that there are “technical indicators” that recommend selling LINK as the tweet got more than 1000 likes and 200 retweets. Even still, Zeus Capital still remains a controversial topic. One Ethereum analyst “DCinvestor.eth,” wrote:
Promoted Tweets, short selling a token.
Desperate much? pic.twitter.com/R7pkU6i8GV
— DCinvestor.eth ⟠ aftab.eth (@iamDCinvestor) July 26, 2020
The general counsel at Compound and trader “Loomdart” are among the other prominent market commentators that called out Zeus Capital. Most of them commented on how far Zeus Capital will share their report to the world now that they got their account blocked. But, Zeus Capital outlined that they believe LINK’s price is manipulated by “marines” and that its oracle core technology has almost no value.
This doesn’t confirm or deny the findings and it is important to note that LINK has dropped strongly after the report. According to the reports, LINK crashed by 19 percent since it’s high established earlier this month and the retracement is a part of a wider drop in the value of altcoins against the dollar and the leaders of the market Ethereum and Bitcoin. This is also in line with the analysis but LINK is still ranked #12 by market cap, going down by 5% in the past 24 hours.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]