Chainlink Cryptocurrency Surged In June Due To Market Manipulation: Analysts

Chainlink has become one of the most profitable investments this year. According to analysts at AnChain, investors gain XXX through market manipulations. According to AnChain data, most of the LINK’s trading volumes were completed due to the small number of addresses.

What Has Provoked The Pump?

AnChain CEO Victor Fang told the experts more details. Analysts confident this research is a great illustration of artificial market manipulation. There were very few wallets in LINK trading.

Recall the price of LINK soared from $ 0.5 to an ATH of $ 4.38. The coin managed to grow in a very difficult time because the vast majority of altcoins brought only losses to their investors in 2019. At the moment, Chainlink is trading near $1.75 level. Over the past day, the cryptocurrency has fallen in price by 2.7 percent. To date, it is at the 21 place in the global rating of coins by capitalization.

AnChain believes that the first stage of the active pump of the asset began on June 28. At the same time, the prerequisite for the first jump in the price of the cryptocurrency was its large purchase by a small group of traders. Later, growth attracted the attention of all market players, who joined the local bull trend. As soon as the LINK value grew to new heights, wallets with a particularly large balance began to drain their coin holdings. Judging by the report of analysts, more than 4.2 million coins were sold from one of the addresses from July 2 to July 15.

However, wealthy players bought a large batch of coins, provoked an increase in the rate and successfully merged the purchased. The profit was the difference between the purchase and sale price, multiplied by the volume of a cryptocurrency. We do not envy those who bought at the peak rate – it is unlikely that they will be able to recapture the “investment”.

Before this, the main reason for the rapid rise in the price of LINK was considered the addition of the project to the Coinbase exchange. AnChain refutes this information – it turns out that the manipulators placed their trading orders before the event itself, that is, they prepared for the operation in advance.

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