Chainlink's (LINK) Skyrockets 1,453% in Whale Activity, Massive Move Coming?
In the last 24 hours, 18.77 million Chainlink $LINK tokens, valued at approximately $256.20 million, have been sent to cryptocurrency exchanges. Chainlink, a decentralized oracle network, has seen a staggering 1,453% surge in large transaction volume, indicating significant whale activity.
What’s Driving This Surge in Activity?
According to IntoTheBlock data, Chainlink is recording a 1,453.68% surge in large transaction volume, amounting to $885.23 million or 62.3 million LINK in the past day. Large transaction volumes usually represent movements by "whales," who are large holders of cryptocurrency.
These whales making major moves could be due to market speculation, as they may be positioning themselves for a significant price change. This substantial increase in transaction volume could be a precursor to a coordinated buying or selling strategy aimed at making the most of upcoming market movements.
Breakdown of Major Transactions
In the last 24 hours, 18.77 million LINK tokens valued at approximately $256.20 million were sent to cryptocurrency exchanges. WhaleAlert, a blockchain data tracker, reported four major transactions totaling over 18 million LINK being sent to the Binance crypto exchange from an unknown wallet. The transactions were:
- Two transactions carrying 3,499,999 LINK worth $49,267,056 sent to Binance from an unknown wallet.
- Two separate transactions: one of 6,999,999 LINK worth $98,502,247 and another of 4,749,999 LINK worth $66,325,386, also transferred from an unknown wallet to Binance.
Is There a Token Unlock?
The big move of Chainlink tokens might be connected to the token's unlock mechanism. According to Spot on Chain, 21 million LINK worth $295 million have been unlocked from Chainlink's non-circulating supply contracts. This includes:
- 18.25 million LINK worth $264 million transferred to Binance.
- The remaining 2.25 million LINK worth $31.3 million sent to a multisig address.
Current Price Update
At the time of writing, Chainlink's LINK is down 5.48% in the last 24 hours, priced at $13.63.
This article aims to break down complex financial activities into simpler terms for better understanding. The significant whale movements and their possible implications are crucial for those interested in the dynamics of cryptocurrency markets.
