Chainlink (LINK) has managed to pare its week-to-date losses after dropping as much as 10% following a massive correction in altcoin prices two days ago.
The cryptocurrency is trading at $7.04 according to the latest tracking from Koenigkumanaged to stop the bleeding of prices, as it rose 2.1% in the past 24 hours and cut its decline over seven days to 5.5%.
But even as price issues dragged the digital asset down from its October 2022 high of $7.92, traders seemed unfazed.
In fact, Santiment shared in her Twitter post that there were three spikes in social dominance recorded for Chainlink.
This gave the impression that while the cryptocurrency was experiencing a price drop, traders were on the move, paying close attention to it.
Buy Ethereum whales Chainlink
Crypto whale tracker Whalestats also shared on Twitter a development that included 23research and development The digital currency is ranked by market capitalization.
The post indicated that LINK was among the top 10 coins purchased by the 500 largest Ethereum whales over the past day.
This happened a few hours after Chainlink announced the launch of Economics 2.0 on October 14 in line with its plans to improve its network and make necessary changes to it.
– WhaleStats (tracking coded whales) (WhaleStats) 14 October 2022
With the help of Economy 2.0, the blockchain network is expected to increase its fees and revenue collection as well as security through staking.
According to Chainlink on Twitter, their ultimate goal is to “unlock the tremendous value of Web3 by ensuring it has the sustainable and secure infrastructure it needs to go mainstream.”
1 The successful launch may also have been the reason why traders continued to follow Chainlink despite seeing its price drop again.
Chainlink has the potential to outperform Bitcoin
For the longest time, the crypto space believed that if there was a cryptocurrency that could outperform Bitcoin, it could be Ethereum.
But one analyst suggested that Chainlink could be the dark horse that could be better than the largest cryptocurrency by market capitalization.
Into The Cryptoverse (ITC) founder Benjamin Cowen said LINK is currently in a build-up phase during this bear market but will even outperform Bitcoin once the bull market resumes.
1 / target #chain link Economics 2.0: Unleash the tremendous value of Web3 by ensuring it has the sustainable and secure infrastructure it needs to go mainstream.
Econ 2.0 hinges on:
• Increase fees and reap revenue
• Reduce operating costs
• Increased security by staking pic.twitter.com/wAMI9vLZlu
– chainlink 14 October 2022
“Obviously one of the reasons I think it hasn’t done very well lately is not necessarily that Chainlink isn’t a great project, it’s more of just the overall market risk…but I don’t think Chainlink’s fundamentals shine a bit better in the market,” Cowen said. bearish than what sometimes happens in a bull market, adding that LINK acts as the backbone of many cryptocurrencies.
While waiting for its expected rally, the Chainlink network is not standing idly by as it recently formed a partnership with interbank payments system SWIFT as a price feed provider in testing cross-chain applications.
As the bear market continues to wreak havoc on the crypto space, Chainlink continues to consolidate its fundamentals, attracting the attention of even the biggest investors like Ethereum whales.
LINK total market cap at $3.2 billion on the daily chart | Featured image from IndiaMart, Chart: TradingView.com Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.