This morning, SpotOnChain reported a significant event of unlocking LINK tokens worth $215M. More than 18 million tokens were sent to Binance and a multisig wallet.
Token Unlock Details
This morning, SpotOnChain reported that about 18.75 million LINK tokens worth $215 million were unlocked from Chainlink’s non-circulating supply contracts. Approximately 18.125 million LINK (worth $208 million) were sent to Binance, and an additional 625,000 LINK tokens (worth $7.18 million) were transferred to a multisig wallet with the address 0xD50f.
Chainlink Unlock History
It’s worth noting that Chainlink has been unlocking LINK tokens every three months since August 2022. The total amount unlocked so far is 145.75 million LINK, which is equivalent to about $1.5 billion. Of these unlocked tokens, around 126 million LINK (approximately $1.28 billion) were directly deposited to Binance at an average price of $10.13.
Impact on Token Price and Future
Despite these massive unlocks and deposits to centralized exchanges, the LINK price has remained stable or even increased following these events. Looking ahead, Chainlink still has a substantial reserve of 372.75 million LINK tokens (worth about $4.27 billion) spread across 24 non-circulating contracts, suggesting that further unlocks may occur in the future, potentially impacting the token’s price and supply dynamics.
The recent unlocking of LINK tokens and subsequent transfers to Binance and multisig wallets may have various short-term and long-term consequences for the token price and its market circulation. It is important to keep an eye on further developments and actions by Chainlink in this regard.
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