By Hassan Mehmood (Saudi Arabia)
In its latest rally, Chainlink (LINK) reached an all-time high of $14 and secured a 700% surge in the last eight months. Currently, LINK is trading at $12.69 after rising 19.92% in the past 24-hours.
Chainlink is one of the top-performing cryptocurrencies since the start of 2020 and has given a lot of profit to the investors, who invested in the project at the start. Crypto data provider Santiment recently unveiled that Link “has hit all-time highs in both price ($13.76) and daily active addresses (15.6K and counting).
Massive Short Squeeze in the Futures Market
Yesterday, a short squeeze in the futures market resulted in a 52% upsurge in a single day. Cryptocurrency trader Benjamin Blunts with Twitter username @SmartContracter said:
“I actually would be inclined to Start looking for shorts soon, however it seems my entire feed is doing the same. so I will wait for another push higher I think, not really interested in standing in front of the strongest, fastest horse right now.”
Chainlink is a Fraud, says Zeus Capital
Zeus Capital has a very strange view about the DeFi token and called it a fraud. The company predicts that its price will go to zero in the future. In its report “The Chainlink Fraud Exposed”, Zeus Capital said:
“Three independent valuation methods suggest the token is massively overpriced, as its intrinsic value is estimated to be in the 0.05 to 0.20 USD range at best.”
“As a result, Zeus Capital maintains a strong a STRONG SELL recommendation on LINK with a target price of USD 0.07. We believe that in the near to mid-term this will become another classical going-down-to-zero fiasco,” Zeus Capital concluded.
Despite criticism from the members of the crypto community, LINK’s bullish rally is still continued. It has taken the sixth position on CoinMarketCap by market cap.
Not only Chainlink, but few other coins are also performing outstanding since the start of the year. Cryptocurrencies VeChain (VET) and Cosmos (ATOM) are up 11.66% and 16.79% respectively in the past 24-hours.
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