As Chainlink’s LINK tokens witness significant movements in the market, apprehensions mount regarding the asset’s stability and future price trajectory.
Within the last day alone, transfers from notable Chainlink wallets have injected a substantial number of tokens into various platforms, reigniting debates on the implications for the digital asset.
LINK Network Activity Sparks Concerns
In the last 24 hours, four Chainlink wallets transferred a substantial 18.75 million LINK across various platforms, equating to $119 million. These wallets, earmarked for holding a non-circulating supply, transferred 15.7 million LINK, worth around $100 million, to Binance and 3.05 million LINK, worth roughly $19 million, to a multi-sig wallet labeled 0xD50f.
This is not the first time such a movement has been observed. On March 4, there was a similar transfer amounting to roughly $95 million worth of LINK to Binance.
On-chain analysis firm Lookonchain highlighted that these designated wallets have consistently moved LINK to Binance quarterly since August 2022. These transfers account for a massive 71.8 million LINK, equivalent to $446 million.
This influx of LINK into circulation has raised eyebrows concerning its potential impact on the token’s price. Over the past day, the token’s value has slightly declined by 0.5% to $6.19.
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Author: Oluwapelumi Adejumo
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