Originally published on: December 03, 2024
Chainlink’s native token, LINK, experienced a significant 29% surge recently, with enthusiasts dubbing it as the true “bank coin” in comparison to XRP.
The LINK token reached $25.32 on Dec. 3, showcasing impressive growth of nearly 30% within a 24-hour period. This surge comes after the token was valued at $16.54 on Nov. 26, indicating a remarkable 53% increase over the past week.
The recent rally of Chainlink may be attributed to various factors, including the surge of XRP and advancements in the blockchain oracle network’s ecosystem.
According to some Chainlink advocates, the recent rise of XRP could shine a spotlight on LINK. Aylo, a prominent figure affiliated with decentralized finance protocol Kamino Finance, suggested that XRP’s rally might bring attention to Chainlink’s collaborations with traditional finance and capital markets. Emphasizing these partnerships, Aylo stated that “LINK is XRP.”
Zach Rynes, also known as ChainLinkGod, further supported this claim by asserting that LINK is the ultimate “bank coin.” Rynes highlighted Chainlink’s extensive work with major financial institutions globally, connecting banks with blockchain technology.
In addition to showcasing Chainlink’s partnerships, Rynes criticized XRP as a “banker-themed memecoin” that failed to gain significant traction for cross-border payments. He argued that with the rise of stablecoins and central bank digital currencies (CBDCs), there is no necessity for a bridge currency like XRP.
Rynes pointed out Ripple’s transition towards stablecoins, custody solutions, and CBDC platforms, implying a shift in the project’s focus.
As the community celebrates Chainlink’s surge and asserts its position as the true “bank coin,” the landscape of cryptocurrency continues to evolve with new narratives and possibilities.
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