For some, Chainlink’s network has one advantage that no other blockchain in the crypto space has: — Vitality. Compared to other blockchains, Chainlink will always remain relevant. Especially since the network offers the uniqueness of an oracle blockchain.

Still, it does not protect its original token from the bearishness of the market. And the same is now becoming apparent in the chain.

Chainlink is losing its ‘links’

In line with the rest of the market, LINK was down 36% after the latest market crash. However, the 19% drop that happened two days after the crash is what really triggered investors around the world.

This is because the dip that occurred two days after the crash invalidated the nearly 24% rise that LINK saw just before June 17.

Chainlink price promotion | Source: TradingView – AMBCrypto

Consequently, frustrated investors resorted to selling their LINK holdings and saved themselves from further loss. While sales in the market are expected, this particular case was not ordinary as more than $42 million worth of LINK was sold within 24 hours.

No such sale has been observed in the past 12 months.

Sell ​​chainlink investors | Source: Santiment – ​​​​AMBCrypto

In all fairness, this sale is justified as investors have been taking losses for a long time. In the last 20 days of June alone, investors have seen losses as high as $212 million in a single day.

Those who moved their offerings during price drops ended up suffering losses on their actions.

A similar example was seen on June 18 when the amount of LINK moved across the network faced losses of $134 million.

Chainlink network wide losses | Source: Santiment – ​​​​AMBCrypto

In fact, while scalpers were among those who sold, it was the long-term holders who played a bigger role in this sale.

In addition, on the day of the 7 million LINK dump, 3.1 billion days were consumed across the market.

Sell ​​Chainlink LTH | Source: Santiment – ​​​​AMBCrypto

In addition, during the June 9 crash, LTHs also moved through their holdings, exchanging addresses, and consuming 4.04 billion days.

So it’s pretty clear that while developers certainly have a lot of faith in the blockchain, the trust that investors have is starting to wane.

This is also the reason why LINK’s MVRV has entered the negative zone after a long time.

Market value chain link | Source: Santiment – ​​​​AMBCrypto

In the long run, recovering from the recent southerly price action will require more than just DeFi protocol integrations.



This post $42 million in sales in 24 hours says this about Chainlink [LINK]

was published first on https://ambcrypto.com/42m-worth-of-selling-in-24-hours-says-this-about-chainlink-link/

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