Chainlink is a bubble that is waiting to burst, and the token will eventually lose 99% of its value, according to crypto investor and analyst ‘Cryptowhale’. The warning comes as the price of Link tumbled 23% to $15.41 in 48 hours.
Cryptowhale this week told his 28,000 Twitter followers that there are parallels with what is happening now to chainlink (LINK) and what happened with altcoins in 2017, the year of the historic cryptocurrency bull run.
An altcoin is any other cryptocurrency, which is not bitcoin (BTC). With a market capitalization of $5.8 billion, chainlink is the world’s fifth largest digital asset, making it one of the prime examples in the altcoin market.
“For months we’ve watched LINK grow exponentially. Its price has shot well beyond its intrinsic value through Defi hype, and greed,” opined Cryptowhale, warning investors not to “fall victim to the bubble.”
“Chainlink was created after the 2017 bubble, so it didn’t have its pump and dump moment. Instead, it’s having it now. Predicting the top is almost impossible,…