Chainlink’s native token, LINK, jumped 29% as community members positioned it as the real “bank coin,” contrasting it with XRP.
On Dec. 3, the Chainlink (LINK) token rose to $25.32, marking an almost 30% increase in 24 hours. According to data from Cointelegraph Markets Pro, the token was valued at $16.54 on Nov. 26, reflecting a 53% gain over the past seven days.
Seven-day price chart for the LINK token. Source: Cointelegraph Markets Pro
Chainlink’s recent rally may be influenced by several factors, including the recent XRP rally and developments in the blockchain oracle network’s ecosystem.
Chainlink proponents compare LINK to XRP
On Dec. 1, XRP (XRP) surged to $2.46 before retreating slightly as community members anticipated a better political climate for crypto in the United States and anticipated progress in Ripple’s stablecoin project.
Source: Aylo
Some Chainlink proponents believe that the recent XRP run will bring attention to LINK. Aylo, a researcher and adviser to decentralized finance protocol Kamino Finance, suggested XRP’s recent rally could draw attention to Chainlink’s partnerships with traditional finance and capital markets. “LINK is XRP,” Aylo said, emphasizing that Chainlink is actively collaborating with traditional finance.
XRP is a “banker-themed memecoin”
Chainlink proponent Zach Rynes, commonly known as ChainLinkGod on X, echoed Aylo’s sentiments and claimed that LINK was the true “bank coin.” Rynes said Chainklink is working with the “largest institutions” worldwide to connect banks to blockchains.
Source: Zach Rynes
The Chainlink bull gave a list of partnerships and collaborations between Chainlink and major banks and traditional finance institutions. He stated:
“All of this and more is not speculation or wishful thinking, it’s the real work Chainlink is doing with financial institutions, as announced by the banks themselves.”
Besides defending Chainlink against what he described as the “just an oracle” narrative, the Chainlink investor also took a jab at the XRP project, comparing it to a memecoin.
According to Rynes, the token is a “banker-themed memecoin that failed to gain meaningful traction for the cross-border payment use case.” He said there was no need for a bridge currency when stablecoins and central bank digital currencies (CBDCs) exist.
Rynes claims that this is why Ripple is pivoting into its stablecoin, custody and CBDC platform.
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