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Why is LINK skyrocketing (why three times shorting LINK cannot be bought)?

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Why is LINK skyrocketing? Why is LINK skyrocketing?On August 10, 2020, the price

Why is LINK skyrocketing (why three times shorting LINK cannot be bought)?

Why is LINK skyrocketing? Why is LINK skyrocketing?

On August 10, 2020, the price of LINK exceeded the $1 mark and reached a high of $2.78. Looking at historical data, the price of LINK has increased over three times in the past week. It has been steadily rising since the beginning of the year and has reached new highs. By the time of writing, it has already rebounded over 50%.

With the emergence of LINK, its market value has also soared, ranking third. There are already many well-known projects in the market, such as LINK, MKR, etc. However, the valuations of these projects are not high, and some projects cannot even support their value, making it difficult to achieve long-term sustainable investment plans or profitability. What is LINK? Why has it become a popular currency? What is LINK? LINK is a blockchain network and smart contract platform called Link. As an open-source blockchain platform, Link can help developers build decentralized applications (DApps) without relying on intermediaries or needing to verify them through trusted third parties. At the same time, users can also use Link token to participate in governance voting and staking activities.

LINK was created by the ChainLink team and has advantages such as a decentralized oracle system (Oracle) and cross-chain communication protocol LinkProtocol. It can provide secure and reliable support services for Web 3.0. The goal of LINK is to obtain a completely transparent infrastructure support off-chain to solve various problems on existing blockchains.

Why three times shorting LINK cannot be bought

The recent trend of LINK coins is very surprising.

It has already increased by more than three times from the beginning of the year. But why has the price of LINK not risen in the past three weeks? The reasons are as follows:

1. LINK’s market value has risen to fourth place. It is a project based on the Ethereum blockchain network, and its token LINK’s current price is $0.009. The current quote for LINK is $0.035, with a 24-hour increase of about 5%.

2. The LINK community is actively planning to distribute rewards to ecosystem partners to support project development and expand the scale of the ecosystem. If this work progresses or brings greater economic value, LINK will become a good application scenario in the next three years. The total circulation of Link tokens is 100 million, with 10% allocated to the core team and the remaining 20% entering the community for staking and mining rewards.

According to the official information, the project is still in its early stages. (Chain News)

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