Will Chainlink price rally survive the 6.1 million LINK token unlock and rising whale activity?
- Chainlink worth $42.3 million was unlocked from the non circulating supply contract to Binance earlier today.
- LINK price sustained its uptrend during the last two token unlocks in August and November 2022.
- Chainlink witnessed three whale transactions where large wallet investors moved approximately $79.7 million worth of LINK to their wallets.
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Chainlink’s circulating supply increased earlier today when 6.1 million LINK tokens were moved to Binance. The last time token unlocks happened, LINK price held its ground and sustained its gains. It remains to be seen how the Ethereum-alternative reacts to rising whale activity and the recent token unlock.
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Chainlink network witnesses token unlock and whale activity
Chainlink tokens worth $42.3 million were unlocked from the non-circulating supply contract and moved to Binance, the largest cryptocurrency exchange by volume, nearly five hours ago.
6.1 million LINK tokens were unlocked
The last two LINK token unlock events occurred in August and November 2022 and Chainlink held steady at the time.
LINK token unlock and its impact on Chainlink price
Chainlink price is currently in an uptrend that started on December 31, 2022. Since then Ethereum-alternative witnessed a steady increase in its price. Based on previous token unlocks it seems unlikely that the recent 6.1 million unlock will negatively influence the asset’s price, despite the rise in circulating supply.
Interestingly, another key event coincides with the token unlock. Based on data from crypto intelligence tracker Santiment, three large volume transactions took place on the Chainlink blockchain within 11 minutes of each other, where approximately $79.7 million worth of LINK tokens were moved to whale wallets.
Chainlink whale activity
Typically, a spike in whale activity influences the asset’s price trend. However the latest increase in transaction volume by large wallet investors had no significant impact on price at press time.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
