Recent network activities surrounding Chainlink (LINK) tokens have attracted attention. Market observers raised concerns about this cryptocurrency’s stability and future price direction.

The oracle network, whose native token recently printed a 22-month high, released substantial digital assets into circulation over the past day.

Chainlink Unlocks 19 Million Tokens

On February 3, crypto analysis firm SpotOnChain disclosed that 19 million LINK tokens, valued at $341 million, were unlocked from three of Chainlink’s non-circulating supply contracts.

Specifically, 15.95 million LINK tokens, amounting to $287 million, were transferred to Binance. Meanwhile, the remaining 3.05 million LINK, valued at $54.3 million, found their way to a multi-sig wallet, 0xD50f.

It is worth noting that these on-chain activities are not novel occurrences. SpotOnChain observed these designated wallets have consistently transferred LINK tokens to Binance since August 2022. During this period, Chainlink has unlocked 106 million LINK, moving 88.95 million LINK to Binance at an average pric

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Author: Oluwapelumi Adejumo

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