The price of the Chainlink token accelerated its rise. On August 8, the asset rose 25%, briefly touching $13.87 on the Binance exchange.
The rise in LINK was accompanied by a surge in trading volumes. At the time of writing, the asset was trading around $12.55.
Against the backdrop of LINK’s rapid ascent, Twitter posts about liquidations of short positions in DeFi services began to appear.
For example, on August 8, a liquidation of a position of more than $20 million occurred on the Aave platform amid LINK’s rapid rise.
THE DEED HAS BEEN DONE.
We got em boys.$LINK pic.twitter.com/LZFU6Gr3hF
— Linksaka (@HsakaTrades) August 8, 2020
Subsequently, the balance in the account of the trader who opened the position stood at $299.66.
Some community members suggested that the holder of this large short position could have been Zeus Capital, which had forecast an imminent crash in Chainlink’s price.
Some company called Zeus capital was spreading fear uncertainty and doubt about chain link because they had a short position. Now that train link is at $13, Zeus Capitol lost a lot of money. #Chainlink $LINK
— JovianPlanetsCryptoGoals (@JovianCrypto) August 8, 2020
The user Linksaka also reported the liquidation of several futures positions of more than $1 million each.
> Single $16m, several $1m+ liqs on futures
> $9m (and probably another $8m) liq onchain
> Long ADL’d at picotopfeelsgoodman.jpg$LINK pic.twitter.com/y1ekll4knc
— Linksaka (@HsakaTrades) August 8, 2020
The rise in Chainlink’s price was also accompanied by a revival of various on-chain indicators. For example, the network’s transaction volume reached an all-time high.
📈 $LINK Transaction Volume (1d MA) just reached an ATH of $15,296,442.87
Previous ATH of $13,489,702.29 was observed on 29 June 2019
View metric:https://t.co/82tZbWmTdW pic.twitter.com/fwmovMNrUw
— glassnode alerts (@glassnodealerts) August 8, 2020
The number of active LINK addresses also rose significantly.
📈 $LINK Number of Active Addresses (1d MA) just reached an ATH of 1,193.958
Previous ATH of 967.875 was observed on 13 July 2020
View metric:https://t.co/HkJTahhC99 pic.twitter.com/4tWY1thRbB
— glassnode alerts (@glassnodealerts) August 8, 2020
Activity of deposits and withdrawals on exchanges has also picked up.
📈 $LINK Exchange Outflow (1d MA) just reached an ATH of $2,043,008.16
Previous ATH of $1,885,195.76 was observed on 29 June 2019
View metric:https://t.co/3jZhVQKifQ pic.twitter.com/er5IvKBDGn
— glassnode alerts (@glassnodealerts) August 8, 2020
📈 $LINK Exchange Inflow (1d MA) just reached an ATH of $2,712,151.29
Previous ATH of $2,391,649.75 was observed earlier today
View metric:https://t.co/GT1hz5z4bR pic.twitter.com/IZVbn89jbt
— glassnode alerts (@glassnodealerts) August 8, 2020
Now the asset sits sixth by market capitalization ($4.83 billion). The nearest competitors to Chainlink by this metric are Bitcoin Cash and Cardano.
Earlier, unidentified individuals on behalf of the British investment bank Zeus Capital threatened lawsuits against Chainlink supporters.
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