Will retail capital and President Trump's endorsement of LINK give LINK the boost it needs?
Just two weeks ago, #Chainlink [LINK] soared 21% in a single day after acquiring World Liberty Financial (WLF) for $1 million. LINE_ BREAK This explosive growth, spurred by President Trump's pump, has made #LINK a key player at the intersection of politics and cryptocurrencies. But once the hype built up, it quickly tapered off. This was reflected in altcoins as well. At the time of writing, LINK has fallen to around $22.8, and a bearish MACD crossover points to further declines. So what will this altcoin do next year?
Over the past four years, the LINK chain has experienced an amazing development. The number of addresses on the network has increased from 213,000 to 690000, and in December, the total value of the #blockchain (TVL) exceeded $1 billion for the first time.
Even more interesting is the change in the distribution of LINK tokens. While large holders used to control 70% of the supply, this figure has now dropped to 48%. At the same time, private investors have emerged, who now own 32% of the LINK supply.
But why is this so important? A recent report by AMBCrypto talks about the increasing centralization of #Ethereum [ETH] and how the whales with their immense control are keeping the price away from the $4k barrier. So LINK's move to a more balanced distribution could set it apart in the long run.
However, despite LINK's successful decentralization, its price is struggling to return to its all-time high of $53 set three years ago. . Despite significant growth in trading volume and network development, LINK has failed to make the top ten.
This, along with a noticeable number of whale wallets leaving the network, means that external market factors may be putting downward pressure on LINK's price. .
How long this will last.
What really sets the blockchain apart, however, is its broad appeal.
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