Roughly $600 million in the market value of LINK tokens has been erased after a series of bulk sales triggered in July. Following a 4chan media blitz conducted by the Chainlink development team, valuations have fallen by nearly 60% (after reaching highs above $4.80 on June 29th).
ChainLink Market Value Evaporates
After Chainlink raised $32 million in its 2017 ICO, crypto analysts were already criticizing its skewed distribution metrics. Out of a total of one billion LINK, the development team held 650 million Links while allowing the 350 million remainder to circulate throughout the market. Despite the questionable foundation created by these unfavorable scenarios, ChainLink valuations rose by more than 3,710% in less than two years.
4chan Media Blitz Inspires FOMO