Important data has emerged about LINK, an altcoin that also attracts the attention of traders in Turkey. According to on-chain data, 6.1 million LINK coins have been moved to Binance, the world’s largest cryptocurrency exchange in terms of daily trading volume. Well what does it mean? Here are the details of the transactions…
6.1 million altcoins moved to Binance
Chainlink’s circulating supply increased earlier today with the move of 6.1 million LINK tokens to Binance. When the latest token unlock took place, LINK price held its ground and continued its gains. It is not yet clear how the Ethereum alternative will react to the rising whale activity and the latest token unlock. Because the Chainlink network has witnessed token unlocking and whale activity in recent days.
Chainlink token worth $42.3 million was released from the uncirculated supply contract and entered the market. Atrica moved to Binance, the largest cryptocurrency exchange by volume, about five hours ago. The last two LINK token unlock events took place in August and November 2022, and Chainlink remained stable at that time. Chainlink price is currently in an uptrend that started on December 31, 2022. It has since witnessed a steady rise in the price of Chainlink, which is seen as an Ethereum-alternative.
What does the increase in whale activity indicate?
Based on previous token unlocks, despite the increase in circulating supply, it seems unlikely that the last 6.1 million unlocks will adversely affect the price of the asset. Interestingly, another important event coincides with the token unlock. Based on data from crypto on-chain analytics/data platform Santiment, three large-volume transactions took place on the Chainlink Blockchain, in which approximately $79.7 million worth of LINK tokens were moved to whale wallets within 11 minutes of each other.
Typically, an increase in whale activity affects the price trend of the asset. However, the recent increase in trading volume by large wallet investors did not have a significant impact on the price at the time of writing. Currently, LINK is changing hands at $6.92, up 0.5 percent. The cryptocurrency rose as high as $7 on a daily basis.
However, cryptocoin.com As we reported yesterday, Chainlink’s oracle service was selected for Coinbase’s layer-2 solution Base. Chainlink will provide price feeds for the project. Thus, Chainlink joined the Optimism (OP) and Covalent (CQT) projects working with Coinbase for the Base project. It seems possible that this development is behind the whale movements. Still, it is unclear what will affect LINK price in the long run.
Contact us to be instantly informed about the last minute developments. twitter‘in, Facebookin and InstagramFollow and Telegram And YouTube join our channel!
Risk Disclosure: The articles and articles on Kriptokoin.com do not constitute investment advice. Bitcoin and cryptocurrencies are high-risk assets, and you should do your due diligence and do your own research before investing in these currencies. You can lose some or all of your money by investing in Bitcoin and cryptocurrencies. Remember that your transfers and transactions are at your own risk and any losses that may occur are your responsibility. Cryptokoin.com does not recommend buying or selling any cryptocurrencies or digital assets, nor is Kriptokoin.com an investment advisor. For this reason, Kriptokoin.com and the authors of the articles on the site cannot be held responsible for your investment decisions. Readers should do their own research before taking any action regarding the company, assets or services in this article.
Disclaimer: Advertisements on Kriptokoin.com are carried out through third-party advertising channels. In addition, Kriptokoin.com also includes sponsored articles and press releases on its site. For this reason, advertising links directed from Kriptokoin.com are on the site completely independent of Kriptokoin.com’s approval, and visits and pop-ups directed by advertising links are the responsibility of the user. The advertisements on Kriptokoin.com and the pages directed by the links in the sponsored articles do not bind Kriptokoin.com in any way.
Warning: Citing the news content of Kriptokoin.com and quoting by giving a link is subject to the permission of Kriptokoin.com. No content on the site can be copied, reproduced or published on any platform without permission. Legal action will be taken against those who use the code, design, text, graphics and all other content of Kriptokoin.com in violation of intellectual property law and relevant legislation.