The tumultuous waves of activity in the network of Chainlink (LINK) tokens have caused quite a stir, capturing the keen eye of the public. Market watchers are voicing their concerns, pondering the stability and potential price trajectory of this cryptocurrency.
Amidst a soaring 22-month peak, the oracle network unleashed a substantial influx of digital assets into the market in the span of just one day.
Chainlink releases a staggering 19 million tokens from its digital vault
A revelation was made by SpotOnChain, a renowned crypto analysis firm, on the third day of February. The disclosure stated that an astonishing 19 million LINK tokens, with a staggering value of $341 million, had been unlocked from three of Chainlink’s non-circulating supply contracts.
As if that wasn’t enough to pique the interest of the crypto community, it was further revealed that a whopping 15.95 million LINK tokens, equivalent to $287 million, had been transferred to the ever-popular exchange, Binance. But the plot thickens, as the remaining 3.05 million LINK, worth a remarkable $54.3 million, were mysteriously directed to a multi-sig wallet with the intriguing address of 0xD50f.
It is important to highlight that these on-chain endeavors are far from new developments. According to SpotOnChain’s meticulous observations, designated wallets have been steadfastly funneling LINK tokens to Binance since August 2022. Throughout this timeframe, a staggering 106 million LINK has been unlocked by Chainlink, with a whopping 88.95 million LINK making its way to Binance at an average rate of $9.06, totaling an impressive $805 million. Despite this, the blockchain oracle provider still maintains a formidable reserve of 412.5 million LINK spread across 24 contracts, amounting to a staggering $7.35 billion in value.
What exciting developments lie ahead for the value of LINK?
Despite the recent surge in LINK circulation, its impact on the token’s value remains minimal. Over the course of the last 24 hours, LINK has made a modest climb of 0.83%, now reaching a promising $18.01. This steady ascent continues to build upon a positive trend that has seen LINK soar over 26% in just one week.
Other comments from analysts:
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