Chainlink (LINK), the decentralized oracle network, has recently seen a staggering 1,453% surge in large transaction volume, signaling significant whale activity. This increase in activity raises questions about what might be driving these movements and whether a massive price move is on the horizon.
According to IntoTheBlock data, Chainlink is recording a 1,453.68% surge in large transaction volume, totaling $885.23 million, or 62.3 million LINK in the last 24 hours.
Large transaction volumes typically represent the movements of "whales," or large holders with substantial amounts of cryptocurrency. The recent 1,453% spike in LINK’s large transaction volume might suggest that these large players may be making significant moves.
The reasons for the large transaction volume rise might be varied, however, one could include market speculation, as whales might be positioning themselves for a significant price move.
The substantial increase in transaction volume could be a precursor to a coordinated buying or selling strategy aimed at capitalizing on upcoming market movements.
18.77 million LINK sent to exchanges
Crypto analyst Ali noted that in the last 24 hours, 18.77 million LINK tokens valued at approximately $256.20 million were sent to cryptocurrency exchanges.
In the last 24 hours, 18.77 million #Chainlink $LINK, valued at approximately $256.20 million, were sent to cryptocurrency exchanges! pic.twitter.com/4MV16ZCZBC
— Ali (@ali_charts) June 22, 2024
Blockchain data tracker WhaleAlert reports four transactions totaling over 18 million LINK being sent to the Binance crypto exchange from an unknown wallet.
The four transactions are as follows: two transactions carrying 3,499,999 LINK worth $49,267,056 being sent to Binance from an unknown wallet. In two separation transactions, 6,999,999 LINK worth 98,502,247 and 4,749,999 LINK worth $66,325,386 were transferred from an unknown wallet to Binance.
The massive amount of Chainlink moved might be part of the token's unlock mechanism. According to Spot on Chain, 21 million LINK worth $295 million have been unlocked from Chainlink's noncirculating supply contracts, including 18.25 million LINK worth $264 million, which were transferred to Binance, and the remaining 2.25 million LINK ($31.3 million) sent to a multisig address.
At the time of writing, Chainlink's LINK was down 5.48% in the last 24 hours to $13.63.