Will Another Partnership Push Chainlink's Price Up?
Chainlink has been one of the most successful ICOs to come out of the 2017 ICO avalanche. It raised only $13 M USD in its tokensale while many others like Sirin Labs were much more successful in fund raising. Unlike some of the major ICOs of its era, Chainlink managed to develop technology with a genuine use-case which developed into a successful project.
In essence, Chainlink is an oracle which fuses information from the Internet with Blockchain technology. This caused many companies, large & small to partner or integrate with Chainlink in one way or another. Their official list boasts high profile names like Google, Oracle, & OpenLaw to name a few. These partnerships might have been a catalyst for Chainlink's rise to the top 20 cryptocurrencies.
It reached its all-time-high of $4.05 last June, but prices tumbled when rumors of an official team sell-off started circulating. Despite this, Chainlinks price remains at $2.44 and #16 on Coinmarketcap. It appears that the team is still working hard at cultivating partnerships to grow its price.
Morpheus Labs Gets on the List
Also founded in 2017, Morpheus Labs is the latest of Chainlink's list of partnerships. They develop Blockchain-Platform-as-a-Service (BPaaS) for other businesses. Many businesses might need data from the internet injected into their blockchain for business purposes. This makes their partnership with Chainlink seems 100% natural.
Morpheus Labs also has their own cryptocurrency MITX which is traded. So far MITX has not had any significant price increase.
"Working with Morpheus Labs, Chainlink is excited to provide reliable oracles to the Morpheus Labs global developer community, smart contracts, and Blockchain Platform as a Service to securely access off-chain data." - Daniel Kochis, Director of Business Development - Chainlink
Essentially Chainlink's price is linked to 2 things: it's partnerships and the crypto market. Should it keep up with its rapid partnership expansion, and as long as the crypto-markets stay healthy we could see it above $3.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado