19 Million Chainlink Tokens Transferred To Exchanges – More Downside For LINK Price?
23 Giugno 2024 - 11:30AM
NEWSBTC
The cryptocurrency market witnessed severe bearish pressure over
the past week, and the price of Chainlink (LINK) wasn’t an
exception. The altcoin has continued to struggle with its torrid
form, losing nearly 10% of its value in the last seven days.
Interestingly, the bears seem to still be in control at the moment,
with the latest on-chain revelation suggesting that there might be
further downside for the LINK price over the next few days. Are
Chainlink Investors Offloading Their Assets? Popular crypto analyst
Ali Martinez revealed in a post on the X platform that huge amounts
of the Chainlink token have made their way to centralized exchanges
in the past day. This on-chain observation is based on Santiment’s
“Supply on Exchanges” metric, which tracks the amount of a
particular cryptocurrency being held on centralized exchanges.
Related Reading: Little-Known But Important Dogecoin Indicator Goes
Off, How High Can It Drive Price? When this metric’s value
increases, it implies that investors are making more deposits than
withdrawals of a cryptocurrency (Chainlink, in this case) into
centralized exchanges. A decrease in the metric’s value, on the
other hand, indicates that holders are moving their coins out of
the trading platforms. According to data from Santiment, more than
18.77 million LINK (worth roughly $256.2 million) were transferred
to cryptocurrency exchanges in the past day. This substantial
transfer represents one of the largest single-day movements for the
Chainlink token in recent months. Interestingly, a report
from SpotOnChain revealed that 21 million tokens were unlocked from
Chainlink’s non-circulating supply contracts on Friday, June 21.
Specifically, the contract transferred 2.25 LINK tokens were sent
to the multi-sig wallet 0xD50f More notably, 18.25 million LINK
tokens were sent to Binance, the world’s largest cryptocurrency
exchange. This significant token unlock presents a case of supply
inflation, which can impact the value of the token especially if a
sell-off occurs. Moreover, these fund movements can precipitate an
increase in market volatility and possibly lead to price
fluctuations. Given the magnitude and destination of these
transfers, there is a greater likelihood of increased selling
pressure, which can drive down the price of LINK. Is A Return
To $12 On The Cards? As of this writing, the price of Chainlink is
barely holding above $13.6, having declined by more than 3% in the
past day. Meanwhile, the altcoin slumped 9% from about $15 to $13.5
over the past week, according to data from CoinGecko. If the recent
selling pressure continues, then further decline might be on the
horizon for LINK’s price. This could see the cryptocurrency make a
return to around the $12 price zone for the first time in more than
a month. Related Reading: Toncoin Transfer Volume Hits $10 Billion,
Social Appeal Soars Nevertheless, the Chainlink token ranks amongst
the top 20 largest cryptocurrencies in the sector, with a market
capitalization of over $8.27 billion. Featured image from Binance
Academy, chart from TradingView
Grafico Azioni ChainLink Token (COIN:LINKUSD)
Storico
Da Dic 2024 a Gen 2025
Grafico Azioni ChainLink Token (COIN:LINKUSD)
Storico
Da Gen 2024 a Gen 2025