Chainlink Or Zeus Capital: Who Will Claim Victory?
August and September of 2020 can be seen as pivotal moments in Chainlink’s price graph. Whereas the coin broke through the $10 price range easily in the beginning of August and shot up to it’s all-time high of $19 later that same month, September has brought nothing but tears for the Link Marines.
- December 2020 update: Is Fear of a Chainlink SEC Lawsuit the Reason Why LINK Drops?
Looking back at past reporting, we can safely say that the introduction of Zeus Capital as a nemesis to Chainlink (together with the DeFi flash crash of the second half of August) has caused the coin a lot of pain.
Portnoy buys in
At first, at the end of July, there was the notion that Zeus Capital had offered Bitcoins to several influencers to write negative reviews about the coin. Most of them claimed they turned down the company.
We'll meet around 7 $ $link pic.twitter.com/3vmC0abmJA— Voldi (@MisterVoldi) October 3, 2020
This didn’t stop Chainlink though, and the coin continued it’s steep rise, which made sure it touched near $20 for an all time high. Even Dave Portnoy, president of Barstool Sports, bought Chainlink alongside Bitcoin when he entered the world of crypto for a very short one week ride.
3. Celebrities begin shilling the project.— Mr. Whale (@CryptoWhale) August 18, 2020
Notable people are often paid to advertise the project near the top, when they likely bought much lower. @stoolpresidente is a prime example of this. Notice how he waits after it’s up 40,000% before telling his 2M followers to buy.
Cryptowhale, a known technical analyst, called this the shilling phase of Chainlink’s hype in a long twitter thread on 18 August.
Sushi and other food coins
The Sushi saga turned the DeFi world upside down and when also other food coins proved to be short-lived bubbles, the cryptosphere was in for a 20% drop in a matter of days.
By the end of August, Zeus Capital claimed that 70% of all Chainlink was held by only 9 whales, which was thought of as a very bearish sign.
The point has then also been made by Cryptowhale two weeks earlier, who stated:
Considering 70% of the coins supply is held by 9 whales, it’s likely they will begin dumping on Investors once they’re ready to take profits.
As from the first week of September, Chainlink had to set sail and its marines needed to steer the ship clear from rocky tides as the $10 level came in sight again and the coin continued its drop.
While we are trying to figure out the truth, every single week more than 5 million dollars worth of $LINK are sold on Binance. Don’t get fooled with this well-elaborated pump-and-dump scheme. DYOR & read our investigative report - https://t.co/pQiTGEIsNb pic.twitter.com/eBQOsDe9Mx— Zeus Capital (@ZeusCapitalLLP) October 2, 2020
Just as Bitcoin, Chainlink has been able to trade within a certain range since then and hold on to that position ever since. The beginning of October does seem to bring new challenges again, as Chainlink has now descended more than 10% in a week.
This raises the overall question once again when looking at Chainlink’s graph and seeing the clear peak and descent of the last two months: was it perhaps all a bubble? Who will prove victorious in the end, Chainlink of Zeus Capital?