According to a recent tweet by Spot on Chain, a substantial amount of Chainlink (LINK) tokens were unlocked from non-circulating supply contracts. Specifically, 18.75 million LINK tokens, equivalent to approximately $117 million, were released. Of this, a large portion, 15.7 million LINK, or roughly $98 million, was moved to the Binance cryptocurrency exchange. The remaining 3.05 million LINK, valued at about $19 million, is currently held in a multi-sig wallet with the address 0xD50f.
This is not an isolated incident. Since August 2022, 82.75 million LINK tokens have been unlocked from non-circulating supply contracts. Most of these tokens, 71.8 million LINK, were subsequently deposited into Binance. This pattern of large-scale token movement has led to speculation and discussions among traders, analysts, and other stakeholders in the cryptocurrency space.
Stable Price Despite Major Unlocks
Despite these large-scale movements, the price of Chainlink’s LINK token has remained relatively stable. This has been a point of interest for market watchers, as such significant transfers often lead to price volatility in the cryptocurrency market. Even after these major unlocks, the stability of LINK’s price has led some to believe that there may be strong institutional or whale support maintaining the price levels. Others suggest that the consistent demand for LINK tokens could contribute to its price resilience.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +The recent and ongoing large-scale unlocking and transfer of Chainlink tokens have raised questions and speculations within the community. While the reasons behind these movements remain unclear, what is evident is that the LINK token has shown remarkable price stability throughout these events. Whether this indicates strong market fundamentals or other factors at play is a subject that continues to intrigue and engage the crypto community.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
