Chainlink, the popular blockchain oracle service, recently unlocked a massive 19 million LINK tokens—worth a cool $262 million.
Millions of LINK Tokens on the Move
According to blockchain analysts, these tokens were moved from two Ethereum addresses to new wallets. The majority – about $205 million worth – went straight to Binance, the world’s largest cryptocurrency exchange. Another $57 million went to a separate multi-signature address, likely for staking rewards distribution.
A Regular Occurrence, No Major Price Impact
This isn’t a one-off event. Analysts say Chainlink unlocks roughly 10 to 20 million LINK tokens every three months. Since 2022, a staggering $1.81 billion worth of LINK has flowed to Binance through these unlocks. Interestingly, despite these large transfers, the LINK price hasn’t seen significant short-term changes.
History Suggests Positive Price Action
Before this latest unlock, Chainlink had ten previous unlocks, with nine of them preceding price increases for LINK. This historical trend is noted by blockchain tracking firms.
Current Market Situation
Currently, LINK is trading at $14.02, a significant drop from its all-time high.
Disclaimer: This information is for general knowledge and shouldn’t be considered investment advice. Always do your own research before investing in cryptocurrencies.
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