Why Chainlink Plunged 17% This Past Week
Among the worst-performing large-cap cryptocurrencies this past week was Chainlink (CRYPTO: LINK). This network's native LINK token lost 17.1% of its value over the past seven days, as of 3:00 p.m. ET on Sunday.
This move is significant, considering Chainlink's role as a leading infrastructure player supporting developers building crypto applications that require off-chain data, such as price feeds, to be ported to the blockchain. As a leading oracle network on this front, Chainlink's value in supporting the sort of innovation and growth that investors rely on (driven by other leading application-based tokens) is immense.
Let's dive into the bearish catalysts this past week which drove underperformance for this top-15 digital asset, and what this week's move may portend for Chainlink's investment thesis moving forward.
Source Fool.com
