Originally published on: December 03, 2024
Chainlink’s native cryptocurrency, LINK, experienced a remarkable 29% surge as enthusiasts hailed it as the true “bank coin,” contrasting it with XRP.
On December 3rd, the Chainlink token shot up to $25.32, reflecting an impressive nearly 30% growth within a day. Cointelegraph Markets Pro data reveals that the token was priced at $16.54 on November 26th, boasting a significant 53% increase over the past week.
The rally of Chainlink could be attributed to various factors, including the recent XRP surge and advancements within the blockchain oracle network’s ecosystem.
Community members speculate that the recent uptrend of XRP, which reached $2.46 on December 1st, could drive attention towards Chainlink. Aylo, a respected figure in the decentralized finance space, highlighted Chainlink’s collaborations with traditional financial entities, suggesting that LINK could benefit from the spotlight. Aylo emphasized that Chainlink is actively engaged with conventional finance, positioning it as a true contender in the banking sector.
Similar sentiments were echoed by Chainlink advocate Zach Rynes, popularly known as ChainLinkGod. Rynes proclaimed that LINK stands as the genuine “bank coin,” working alongside major institutions worldwide to pave the way for blockchain integration within the banking sector.
In addition to dispelling the notion of Chainlink being merely an oracle service, Rynes pointed out the shortcomings of XRP, likening it to a meme coin. He argued that with stablecoins and central bank digital currencies (CBDCs) in existence, the necessity for a bridge currency like XRP diminishes. Rynes elaborated on Ripple’s shift towards stablecoins, custody services, and CBDC platforms due to these evolving market dynamics.
As the Chainlink community continues to rally behind its “bank coin” narrative, the future prospects for LINK in the banking and financial sectors remain promising. Subscribe to our newsletter to stay updated on the latest market insights and investment opportunities.
