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Chainlink (LINK) reached its all-time high price of $52.70 on May 10, 2021. Just five days earlier, it had reached its all-time high market cap of $22.798 billion.
Chainlink Comments
Chainlink has an unpredictable circulating supply inflation. All existing LINK tokens were created at the official launch of the network. However, only a portion of them were initially released through an ICO and later circulated through arbitrary releases by Chainlink Labs and other stakeholders.
In particular, there are a total of 1 billion LINK tokens, approximately 462 million of which are still held in crypto wallets and ready to be released according to the company’s decisions. Chainlink Labs had previously announced an annual token inflation rate of around 7% for the year 2023.
Furthermore, market cap can be defined as a tool used to measure the market’s perceived value of a specific asset and its speculative demand at a particular moment. This may indicate that Chainlink constantly needs increasing demand to compare its prices with its past when it had a much lower supply.
Chainlink (LINK) Price Analysis
While all of this is being discussed, LINK was trading at $6.68 at the time of writing, potentially offering Chainlink investors a 535% gain on current purchases if it reaches its previous demand level.
Comparatively, the current price appears to be 87.35% lower than the all-time high price. Michaël van de Poppe, an experienced crypto trader and analyst, remains optimistic about Chainlink’s long-term potential.
Michaël van de Poppe stated:
This is still a lifetime opportunity.
Interestingly, the Founder and CEO of MN Trading predicts that LINK could rise from the current retest at $6-6.60 to $8. Chainlink has also been leading the cryptocurrency market’s top-performing coins since September 18, as the upward trend takes hold.
