What the 18.75 Million LINK Movement Means for Chainlink's Future Price


17 Sep 2023 9:18 PM

Analysts raise concerns after an 18.75 million Chainlink (LINK) transfer, with 15.7 million tokens going to crypto exchange Binance....

  • Chainlink's LINK tokens have seen significant movements in the market, raising concerns about the asset's stability and future price trajectory.
  • In the last 24 hours, four Chainlink wallets transferred 18.75 million LINK tokens, worth $119 million, to various platforms.
  • These wallets, designated for holding a non-circulating supply, transferred 15.7 million LINK to Binance and 3.05 million LINK to a multi-sig wallet labeled 0xD50f.
  • Similar transfers have been observed in the past, with a transfer of $95 million worth of LINK to Binance on March 4.
  • On-chain analysis firm Lookonchain noted that these designated wallets have consistently moved LINK to Binance quarterly since August 2022, totaling 71.8 million LINK, equivalent to $446 million.
  • The influx of LINK into circulation has raised concerns about its potential impact on the token's price, which has slightly declined by 0.5% to $6.19 in the past day.
  • However, there are positive indicators for Chainlink, including a significant rise in its Network Growth and whale addresses acquiring over 4 million LINK tokens in ten days.
  • Chainlink has also scored key partnerships with traditional finance players, such as SWIFT and banking giants like BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group.
  • The Australia and New Zealand Banking Group (ANZ) has recently utilized Chainlink's Cross-Chain Interoperability Protocol to test its A$DC stablecoin.

The article presents a mix of concerns and positive indicators for Chainlink. The concerns revolve around the significant movements of LINK tokens and their potential impact on the token's price. However, there are positive indicators, such as the rise in Network Growth and the acquisition of LINK tokens by whale addresses. The partnerships with traditional finance players also contribute to a more positive sentiment.

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You May Ask

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