According to U.Today, the Chainlink (LINK) community is expressing concern as large on-chain accounts, known as whales, are moving funds, potentially selling their LINK holdings. This activity has led to a pessimistic outlook among the community, often referred to as 'LINK marines'. However, some enthusiasts argue that the narratives about whale-driven selling are merely regular fear, uncertainty, and doubt (FUD).
Since mid-June, there has been a significant increase in the activity of whale accounts holding LINK tokens. Some community members have suggested that these large holders may be taking profits before a potential drop in the LINK price. On June 21, automated tracking services recorded a notable increase in whale activity, with nearly 19 million LINK tokens being sent to exchanges.
This activity has led to concerns about potential bearish prospects for the LINK price in the short term. Some critics have questioned the purpose of running ads and the potential for dumping premined tokens. However, others have defended the project, stating that it is following its roadmap and that whale-driven movements are not unusual for LINK.
Over the past 30 days, the price of LINK has dropped by 23.17%, erasing about $3 billion from the token's capitalization and reaching multi-week lows. Critics have also pointed out the decreased usage of Chainlink's CCIP protocol for value movements between various networks. In the last 24 hours, it processed less than 1,300 transactions, charged by $689 in fees.
Despite these concerns, Chainlink's services are being integrated by an increasing number of services. Over the past week, it has been integrated into protocols on seven large EVM networks, including Ethereum (ETH), Arbitrum (ARB), Base (BASE), Mode, and Scroll.