Chainlink has seen a notable rise in whale activity, with transaction volumes exceeding $1 billion in the last 24 hours, marking the highest activity level in the past year.
Token Unlock Event Drives Market Movements
Chainlink recently completed its scheduled quarterly token unlock, releasing 19 million LINK valued at approximately $262 million. Of this amount, 14.875 million LINK, worth about $205 million, was sent directly to Binance. Meanwhile, 4.125 million LINK, valued at nearly $57.04 million, were transferred to a multisig address. Historically, nine out of ten unlock events by Chainlink led to price increases within 30 days.
Whale Sells LINK at a Loss
A crypto whale recently acquired 506,226 LINK at an average price of $14.03, using 7.1 million USDC. This brought the whale's total LINK holdings to 863,174 tokens, valued at $12.1 million at an average cost of $14.02. However, following accumulation, the same whale sold 1.34 million LINK for $18.36 million at an average price of $13.7, incurring a loss of $512,000 or 2.7%.
Chainlink’s Noncirculating Supply and Market Implications
Since August 2022, Chainlink has unlocked 176 million LINK valued at approximately $2.43 billion. Of this supply, 151.3 million LINK were directly deposited into Binance at an average price of $11.41. The project still controls 342.5 million LINK, worth nearly $4.7 billion, across various noncirculating supply contracts.
The recent token unlock and increased whale activity have drawn attention from the crypto community. Historically, LINK has experienced price increases after token unlock events, making this development important for market participants. With continued whale accumulation and high transaction volumes, Chainlink remains a focal point in the cryptocurrency market.
