According to blockchain data, three chainlink whale’s Binance total to stock market 6.1 million LINK reportedly transferred.
Chainlink (LINK) Whale Transfers Millions of Tokens to Binance Exchange
Interestingly, the same three addresses transferred a total of 17.5 million LINK ($124 million at the time) to Binance on August 26, 2022 and another 14.55 million LINK (worth $90 million at the time) on November 22, 2022.
Chainlink is a decentralized oracle network that connects smart contracts to external data sources. It is widely used in DeFi field and Ethereum, Binance Smart Chain, and Polkadot It is integrated with many blockchain platforms such as
While the reason for the transfer is currently unclear, it has caused some concern among LINK holders as large transfers from circulating supply addresses to exchanges could potentially affect the price of the asset.
In the past, such transfers have been associated with price drops in cryptocurrencies.
Chainlink’s total circulating supply is approximately 517 million LINK tokens, with a market cap of over $3.5 billion at the time of writing.
As one of the top 20 cryptocurrencies by market cap, any significant movement in its price could have a significant impact on the overall crypto market.
This news highlights the importance of following cryptocurrency market movements, especially when it comes to large transfers or trades from key players in the space.
Investors and traders should always do research and be aware of relevant news and developments that may affect their investments.
At the time of this writing, LINK was trading at $ 6.92.
*Not investment advice.
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