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LINK Falls by 26% After “Trump Pump” Fizzles Away – What’s Next?
The crypto market has seen its fair share of volatility in recent times, with some assets experiencing meteoric rises and others plummeting sharply. One such example is Chainlink (LINK), which saw a significant surge after gaining the support of President-elect Donald Trump. However, this “Trump pump” appears to have fizzled away, resulting in a 26% drop in LINK’s value.
This sudden reversal has left many wondering what might be next for the cryptocurrency and its prospects moving forward. One thing is certain: Chainlink has made incredible strides in terms of network activity and decentralization efforts. The number of addresses on its network has increased from 213,000 to a staggering 690,000 over the past four years.
Moreover, the platform’s token distribution has undergone a significant shift with retail investors now holding 32% of LINK’s supply. This is quite an impressive feat, especially considering Ethereum’s (ETH) increasing centralization problem with whales controlling the market.
Despite this remarkable progress, the cryptocurrency has struggled to regain its all-time high of $53 set three years ago. Even with solid volume growth and network activity, LINK has not been able to break into the top 10 ranks. One must consider external market factors along with a significant number of whale wallets exiting the market as potential causes behind this decline.
The “Trump pump” did serve as a powerful catalyst, sparking immense interest among new players and paving the way for organic market growth. LINK’s expanded Oracle network use cases in various sectors could be the key to unlocking its true potential. The asset has been able to outpace many of its competitors over the past 30 days with a whopping double-digit growth.
Source: ambcrypto.com
