Chainlink continues to set new high after high, after breaking upward out of its bullish trend channel and going parabolic. The asset is in full price discovery mode, and investors are exuberant.
It’s prompted one of the largest whales on Bifinex to comment on the seemingly unstoppable altcoin. And he says that like all other altcoins, Chainlink too will fall victim to becoming a “shitcoin.”
Bitfinex Bitcoin Whale Warns FOMO Will Eventually Fizzle On Unstoppable Altcoin
Chainlink is once again the talk of the cryptocurrency market. It has been the best performing asset two years running, but in 2020 so far, it is up over 390% and still climbing.
After recently breaking its previous all-time high set ahead of Black Thursday, the altcoin broke upward out of a long-term bullish channel. The momentum sent the asset parabolic and into price discovery mode.
FOMO is fueling each new record being set, as more and more investors catch wind of the crypto market superstar.
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But from the murky waters of the cryptocurrency exchange Bitfinex, the platform’s most profitable and vocal whale is speaking out about what he says is still a “shitcoin.”
The whale knowns by the Bifinex leaderboards as Joe007 says that each “shitcoin, no matter how shitty, has FOMO-generating potential.”
“Each instance of shitcoin FOMO creates concentrated riches for its few peddlers and widespread losses for a new generation of shitcoin bagholders,” he continued in a response to a Twitter thread on LINKUSD.
The comments are likely to cause uproar in the crypto community due to the strong positive sentiment swarming the altcoin. However, the Joe007 often takes an opposing stance on many sensitive subjects.
Or perhaps he’s just trolling. Joe007 has clashed with stock-to-flow model creator PlanB and has recently bashed XRP in a similar fashion.
He also took a strong opposing stance to the bullish impulse at the start of 2020. The whale spent several weeks underwater but is known to be among the most profitable traders on Bitfinex, regardless.
Chainlink Continues to Make Waves In Crypto Despite Whale Criticisms
The Bitfinex mega whale can say what he wants, but Chainlink combined with irrational exuberance can also be unpredictable.
While Joe007’s theory has certainly been proven with other altcoins, Chainlink thus far seems to be different. The asset was born after the crypto bubble burst, and due to its untarnished sentiment, it hasn’t yet had a reason to pull back.
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Once the asset’s parabola runs out of steam, how the asset reacts from there will ultimately determine if its a “shitcoin” as the whale claims. The alternative is that – like the early 2020 rally – the whale is wrong, and Chainlink could just keep on climbing.