- Trump-backed World Liberty Financial bought LINK for $1 million.
- The offer pushed LINK to a new annual high of $29.
Chainlink will take place on December 12 [LINK] rose more than 23% on news that World Liberty Financial (WLF) bought more than $1 million worth of LINK.
The altcoin jumped from $23 to $29, but has since fallen slightly to $27 at the time of writing.
According to a blockchain analytics company SpotOnChain, the Donald Trump-backed DeFi protocol was also purchased Aaf [AAVE] And Ethereum [ETH].
WLF portfolios now hold over $64 million, mainly dominated by DeFi tokens.
Source: SpotOnChain
Community responses
Responding to the update, Chainlink community liaison Zach Rynes highlighted the move as WLF’s confidence in LINK. He declared,
“Trump’s DeFi project buys out $LINK, raising $1 million (41,335 LINK)… This follows the recent announcement last month that World Liberty is adopting Chainlink, starting with the integration of Price Feeds.”
Another market analyst, Horse, claimed that any WLF bid could point to projects that could benefit from Trump’s policy plans. He noted,
“Trump’s account is to buy the crypto pairs that will benefit heavily from his plans.”
During the same period, WLF purchased $10 million worth of ETH and $1 million worth of AAVE. For those unfamiliar, WLF is integrated with Aave v2, a DeFi lending and borrowing protocol.
The market has been optimistic about Trump’s crypto plans, especially with the recent pro-crypto choices. Whether the DeFi space will benefit the most remains to be seen.
That said, what is LINK’s price short-term prospects?
LINK is cooling down
LINK is consolidating below the previous yearly high of $26. The WLF update pushed it to a new yearly high of $29.
However, the rally led to profit-taking as the altcoin slid towards $26. If $26 were to be retested as support, LINK’s further uptrend could be confirmed. If so, the next upside targets could be $30 and $35.
But a break below $26 could drag LINK towards $23 or the trendline support.
Source: LINK/USDT, TradingView
Credit : ambcrypto.com
