Oracle Rally | September 27, 2023 | HIGH RISK
Chainlink, the largest decentralized oracle network provider is seeing a strong rally despite some of the harshest market conditions we’ve seen in years. A smaller competing oracle network ($TRB) has seen a massive rally, the reason for which is uncertain (could be market manipulation or could be insider information).
While Chainlink and Tellor are among the few cryptocurrencies performing well right now, it may cause a bid for other competitors in the oracle network category, including BAND, API3, and UMA.
Chainlink is miles ahead of its competition, and we do not foresee any of these competitors making up significant ground. However, we may see a short-term speculative rally in some of them. This is not a long-term play.
Given harsh market conditions, this is a high risk trade idea. It’s recommended to avoid leverage, and only buy a spot position if interested.
API3 and Band Protocol are both listed on Coinbase and BingX, though liquidity is slightly better on BingX.
BingX link: https://bingx.com/invite/BM4ZSKDW4