The LINK Bull Run has finally met its end, after monthly gains of over 300%. While it's difficult to pinpoint the cause exactly, many believe the sell-offs of some of the developers and whales in the crypto space to be the biggest contributor.
Sell-Offs by Developers
The primary culprit for the LINK sell-off appears to be the developer's own decision to divest themselves of the coin. This began in early June, when one of the Chainlink development team sold 500,000 LINK tokens, effectively pushing the price down substantially.
Since then, more developers have followed suit, each cashing out on some of their holdings in the token. There was even talk of the project's lead developer possibly selling, which added to the downward pressure on the price of LINK.
Whales Enter the Picture
Even though the sell-offs by the developers had an impact on the LINK market, the introduction of whales into it was the major factor that sealed Chainlink's fate. After the developers sold their coins, whales quickly moved in and started to dump their LINK holdings as well.
Whales have been seen dumping LINK on exchanges at an alarming rate, and this has caused the price of the currency to drop significantly. It is believed that the whales are trying to capitalize on the recent dip in LINK's price and make a profit before it rises again.
Is the Dumping Over?
The current situation with Chainlink isn't looking great, and it's safe to say that the bull run is now officially over. The significant sell-offs by developers and whales have caused the price of LINK to plummet, and while it may rise again, it's unlikely to happen any time soon.
It remains to be seen whether the dumping of LINK is over or not, but one thing is certain: it will take a lot of time and effort for the price of LINK to get back to the level it was at at the start of the bull run.
Conclusion
The Chainlink bull run has come to an abrupt end due to the sell-offs of developers and the entrance of whales into the LINK market. This has caused the price of LINK to plummet and it will take a long time for it to recover to the level it was at when the bull run began.
It remains to be seen whether the sell-offs and dumping of LINK have now ceased, but it is clear that we have entered a new chapter in LINK's history.