Chainlink: Market Panic Shaves 23% Off LINK Price – Details

Chainlink suffers losses as the token continues to follow the broader market wave of bearish pressure. According to Coingecko, the token is down 23% in the past 24 hours, representing a significant wipe in value after the price stabilized in the $13 to $14 price range. 

The crypto market continues to be influenced by outside forces in the short to medium term, with the anxieties of private equity bleeding into the crypto market turning the correction into an absolute bloodbath. 

What’s In It for Chainlink?

LINK’s niche of capturing and streaming price feed data to partners has been shaken by the recent groundbreaking market movements that have shown that the token fails to capture any value. 

In a recent X post detailing recent developments that may affect the crypto world, supporters of Chainlink left comments that show their skepticism of its relevance to the LINK token. 

Capital markets news: Mercedes, Siemens, and other major German enterprises test commercial bank money tokens (CBMT).

“Robots could be paid automatically for the work they perform for other companies or customers with the help of tokens,” noted the Proof of Concept (PoC).… pic.twitter.com/KqhV5CcNAh

— Chainlink (@chainlink) August 2, 2024

“What does any of this have to do with the $Link token? The token is what funded you guys from the very beginning to [the] present day. How is it capturing value?” a user on X said in their comment.

What does any of this have to do with the $Link token? The token is what funded you guys from the very beginning to present day. How is it capturing value?

— TT