Chainlink’s native token, LINK, recently experienced a significant 29% surge, as supporters in the crypto community touted it as the authentic “bank coin,” a stark contrast to rival XRP. On Dec. 3, the value of LINK reached $25.32—an impressive increase of nearly 30% in just 24 hours. As of Nov. 26, the token’s value was recorded at $16.54, seeing a week-long gain of about 53%.
The Chainlink token’s recent ascension seems to be driven by multiple contributing factors, including the recent XRP rally and additional notable advancements in Chainlink’s blockchain oracle network ecosystem.
It’s interesting to note that some Chainlink supporters believe that the attention garnered by XRP’s recent run will shift focus onto LINK. For instance, Aylo, an advisor to Kamino Finance, believes XRP’s rally may highlight Chainlink’s ongoing collaborations with traditional finance and capital markets.
An avid supporter of Chainlink, Zach Rynes, known in the crypto community as ChainLinkGod, argues that LINK is the genuine “bank coin.” Rynes suggests that Chainlink is cementing strong partnerships with prominent global institutions, facilitating the crucial connectivity between banks and blockchain networks.
Rynes has contrasted Chainlink’s progress with XRP’s success—or lack thereof—by referring to it as a “banker-themed memecoin” that has not achieved substantial momentum for its intended use: cross-border payments. Rynes’ point is that in a financial world where stablecoins and central bank digital currencies (CBDCs) exist, the need for a bridge currency like XRP becomes redundant. Consequently, Ripple, the company behind XRP, is reportedly shifting its focus to its stablecoin, custody, and CBDC platform.