Originally published on: December 03, 2024
Chainlink’s native token, LINK, experienced a significant surge of 29% as members of the community hailed it as the true “bank coin,” setting it apart from XRP.
The remarkable rally on Dec. 3 propelled the Chainlink LINK token to $25.32, showing a nearly 30% increase within just 24 hours. According to data from Cointelegraph Markets Pro, the token’s value was at $16.54 on Nov. 26, achieving a notable 53% gain over the past week.
This surge in Chainlink’s price can be attributed to various factors, including the recent momentum of XRP and advancements within the blockchain oracle network’s ecosystem.
Following XRP’s surge to $2.46 on Dec. 1, community members anticipated a more favorable regulatory environment for cryptocurrencies in the U.S. and awaited progress on Ripple’s stablecoin initiative.
With the recent spotlight on XRP, some proponents of Chainlink believe that attention will now shift towards LINK. Aylo, a researcher affiliated with the decentralized finance protocol Kamino Finance, pointed out that LINK’s collaborations with traditional finance and capital markets should not be overlooked.
Describing LINK as the ultimate “bank coin,” Chainlink supporter Zach Rynes, also known as ChainLinkGod, highlighted the network’s partnerships with major banks and financial institutions globally. Rynes emphasized that Chainlink is actively working to bridge the gap between traditional finance and blockchain technology.
In defending Chainlink against criticisms and underestimations, including being labeled as “just an oracle,” Rynes drew comparisons to XRP, referring to it as a “banker-themed memecoin” that lacked substantial traction for cross-border payments. He argued that with stablecoins and central bank digital currencies already prevalent, the need for an intermediary currency like XRP diminishes.
Rynes asserted that this shift in the market landscape is what prompted Ripple to pivot towards developing its stablecoin, custody, and CBDC platform.
As Chainlink continues to gain momentum and solidify its position in the financial sector, the community remains optimistic about its potential to revolutionize traditional banking systems through blockchain technology.
Stay informed with exclusive insights on market trends and investment opportunities by subscribing to the Markets Outlook newsletter. Receive valuable updates every Monday to refine your trading strategies and stay ahead of the curve. Join now to access critical information for informed decision-making in the ever-evolving financial landscape.