Key Highlights:
- Chainlink releases 19 million LINK tokens, valued at $341 million, stirring market speculation.
- Consistent transfers of LINK to Binance since August 2022 total 106 million tokens.
- Despite the release, LINK’s price remains steady with a modest gain.
Chainlink’s Big Move: A Flood of Tokens
Yello Paradisers! In a move that’s got the crypto world buzzing more than a beehive, Chainlink has unlocked a whopping 19 million LINK tokens, pouring a cool $341 million into the market. This digital deluge, split between Binance and a multi-sig wallet, has market watchers on the edge of their seats, wondering if LINK’s boat is about to rock.
A Pattern Emerges
This isn’t Chainlink’s first rodeo. SpotOnChain, the crypto sleuths, have been tracking LINK’s moves and noticed a pattern. Since August 2022, Chainlink has been playing Santa, gifting Binance with 106 million LINK tokens, averaging a price tag of $9.06 each. That’s a hefty $805 million in digital goodies.
Chainlink’s Treasure Chest
Despite this generous giveaway, Chainlink isn’t running out of digital gold anytime soon. They’ve still got a treasure trove of 412.5 million LINK tokens, valued at a jaw-dropping $7.35 billion, spread across 24 contracts. Talk about having a few aces up your sleeve!
LINK’s Price: Steady as She Goes
Despite the potential for market mayhem, LINK’s price is as calm as a zen master. In the last 24 hours, it’s seen a modest uptick of 0.83%, hitting $18.01. Over the past week, it’s been on a bit of a joyride, gaining over 26%. It seems like LINK isn’t just weathering the storm; it’s surfing the waves.
The Analysts Weigh In
LookOnChain and Ali Martinez, the crypto oracles, suggest that LINK’s price tends to rise post-deposit. Martinez even hints at a resistance showdown at the $20 mark, where over 5 million LINK tokens are held. But Santiment, the voice of reason, advises caution. They warn that the FOMO frenzy around LINK could lead to a rollercoaster ride of volatility.
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