In brief:
- A report by Zeus-Capital claims that ChainLink (LINK) is more or less vaporware.
- The report hints that LINK is overpriced and destined to fall by as much as 99%.
- The questionable origins of the report and Zeus-Capital have led many to believe that it was penned with malicious intent.
- ChainLink (LINK) seems unfazed by the news and is holding steady at $8.40.
Approximately 24-hours ago, a report by the team at Zeus-Capital emerged that suggested the ChainLink (LINK) project was pure vapourware. Furthermore, the report explained that the team behind the project was faking its progress and also selling their stash of LINK to unsuspecting crypto investors.
The explained:
The report diligently proves the point that the sole purpose of LINK is to enrich Chainlink’s development team instead of being a vital unit of exchange in a next generation infrastracture for data transfer. Behind the shiny facade of the miltibillion dollar project we have exposed signs of absolute lack of interest in building the technology, team that is incapable on delivering what is currently reflected in token’s market capitalziation and a series of market manipulations and plain lies targeting naive investors.
$0.07 LINK Price Prediction
The report went on to state that ChainLink was destined to be the WireCard of the Crypto-Verse in the sense that it would eventually collapse. In terms of price, the report gave a $0.07 future price prediction of LINK and expected the digital asset to drop by as much as 99.1%.
Based on our finding we have opened a short position in LINK and recommed you doing the same with a target price of USD 0.07 and potential upside of nearly 100%.
Crypto Twitter and Analysts Question the Origins of the Report
As soon as the report was released, Crypto Twitter questioned the origins of the report with many suspecting it was authored with malicious intent. Timothy Peterson, an Investment Manager with Cane Island Alternative Advisors, poked holes at the origins of Zeus-Capital and their analysis via the following pair of Tweets.
Claim to offer “private” fund but the exemption requires that you cannot conduct marketing of any kind (hence private) so the entire website violates US securities law. Even if private, operating in the US requires a notice filing; I can’t find any at https://t.co/9QOrEUWDCA
— Timothy Peterson (@nsquaredcrypto) July 16, 2020
LINK Unfazed by the Report that Claims ChainLink is Vaporware
Further checking the crypto markets, LINK seems unfazed by the report and is still ranked 8th on Coinmarketcap. Additionally, LINK is trading at $8.40 with the daily LINK/USDT chart suggesting that the digital asset could be due for a correction or sideways movement above $8. However, given the level of FOMO surrounding LINK and the crypto markets being in the midst of an altseason, LINK might not be done wowing us in the crypto markets.
Disclaimer: This article is not meant to give financial advice. Any additional opinion herein is purely the author’s and does not represent the opinion of EWN or any of its other writers. Please carry out your own research before investing in any of the numerous cryptocurrencies available. Thank you.