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CEO of Chainlink {LINK} enunciates the concept of “Mixicles”; research dictates altcoin was involved in pump-and-dump


Chainlink is ranked at #22 beneath Tezos in the market. The trading volume recorded is $66.459 million, while the supply has 350,000,000 LINK tokens in play still. At present, LINK is priced at $1.79, and the asset plummeted at a rate of 0.45% in the course of the past 24-hours. The total market cap of Chainlink is $626.880.

Decrypt was able to initiate an apt conversation with Sergey Nazarov who is the Chief Executive Officer of Chainlink. Sergey spoke of how privacy is necessary for certain kinds of smart contracts, which isn’t possible for a public chain “like Ethereum”.

Nazarov stated that Mixicles divide one contract into smaller components [on-chain and off-chain]. Pump and dumps are frequently used by multiple projects to draw in the attention of potential buyers. Altcoins such as XMax, Aurora and many more have suffered from problems tied to market manipulation.

A selected group of players [working for an organization] places high buy orders who causes an asset to skyrocket. Such actions are strictly forbidden in the mainstream financial sector and is a key factor for cryptocurrencies being looked at as unreliable entities.

You can check out the entire investigation carried out by AnChain.AI right here. Near the end of June, the price of the digital currency started to soar, alongside volume and transactions. Suspicious activities include efforts made to mask the flow. The phase involving dumps lasted between July 2nd and the 15th this year.

While this may be disputed amongst members of the community, dumps are a frequent incident in the XRP ecosystem. Jed McCaleb founded Ripple and continues to roll out hundreds of coins, and the present executives at Ripple also facilitate similar actions. This keeps the price of the aforementioned asset at bay and withholds it from climbing up the ladder.

As someone who has faith in Chainlink, I sincerely hope that such operations don’t eclipse the development of the network.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.