Chainlink (LINK), the decentralized oracle network, has recently experienced a notable movement by large holders. Over a 24-hour period, an astonishing 18.77 million LINK were transferred to various cryptocurrency exchanges, fueling speculation among market participants.
Chainlink’s Whale Activity and Market Speculation
According to top market analyst Ali Martinez in an X post, the value of these transferred Chainlink tokens is approximately $256.20 million, all of which were moved to crypto exchanges.
Although the exact reason behind these massive transfers remains unclear, market observers believe that such activity aligns with typical behavior by whales who are looking to reposition their holdings in anticipation of potential price movements.
In the last 24 hours, 18.77 million #Chainlink $LINK, valued at approximately $256.20 million, were sent to cryptocurrency exchanges! pic.twitter.com/4MV16ZCZBC
— Ali (@ali_charts) June 22, 2024
The move is not surprising to those in the ecosystem given past transactions noticed on the network. According to Spot on Chain data, 21 million LINK tokens valued at $295 million were unlocked from Chainlink’s non-circulating supply contracts.
It is noteworthy that since August 2022, Chainlink has unlocked 127 million tokens, and there are still 391.5 million LINK worth $5.4 billion left in 24 contracts.
Out of a total of 127 million LINK unlocked during this period, 107.7 million LINK were deposited into Binance. Markedly, the volume of unlocks has triggered a surge in the inflation rate by over 26% within the two-year period.
Recent Large Transactions and Current Market Position
Data from Whale Alert identified over 18 million LINK transactions from an unknown wallet address to the Binance exchange. The transactions were executed in four moves namely, two transfers of 3,499,999 LINK valued at $49,267,056, a 6,999,999 LINK worth $98,502,247, and another 4,749,999 amounting to $66,325,386.
As of the time of writing, Chainlink is selling at $13.79, down by 3.95% in 24 hours. It boasts of a circulating supply of 608,099,970 LINK, according to data from CoinMarketCap.
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