Chainlink's native token, LINK, has seen a remarkable rise, surging by 29% as community members positioned it as a more authentic 'bank coin' compared to XRP. On December 3, LINK's value reached $25.32, showing an almost 30% increase within just 24 hours. Data from Cointelegraph Markets Pro reflected that the token was valued at $16.54 on November 26, marking a significant 53% gain over the past week.
The recent surge in Chainlink's price can be linked to multiple factors, including the performance of XRP and ongoing developments within the blockchain oracle network's ecosystem. On December 1, XRP increased to $2.46 before slightly pulling back, as the community anticipated a more favorable political environment for cryptocurrencies in the United States and potential advancements in Ripple's stablecoin project.
Proponents of Chainlink suggest that the attention XRP's rally has attracted could also positively influence LINK. Aylo, a researcher and advisor to the decentralized finance protocol Kamino Finance, indicated that XRP's recent performance might underscore Chainlink's strong partnerships with traditional finance and capital markets.
Aylo emphasized Chainlink's active collaboration with established financial institutions. Zach Rynes, known in social media circles as ChainLinkGod, supported Aylo's views, asserting that LINK is the epitome of a true 'bank coin.' Rynes showcased Chainlink's partnerships with major banks and traditional financial institutions across the globe, highlighting efforts to bridge the gap between these entities and blockchain technology.
He declared that these collaborations are not merely speculative, but truly indicative of the substantive work Chainlink engages in with financial institutions, as confirmed by statements issued by the banks themselves. Rynes fiercely defended Chainlink against the notion that it is 'just an oracle' and critiqued the XRP project by likening it to a memecoin.
He claimed that XRP operates as a 'banker-themed memecoin' that has struggled to gain meaningful traction for cross-border payments, especially in light of the more robust options provided by stablecoins and central bank digital currencies (CBDCs). Rynes posited that XRP's current focus has shifted towards stablecoin development, custody solutions, and CBDC platforms..