Massive token unlocks typically have a negative impact on token prices. Most altcoins have seen at least some gains for their holders this week, however LINK failed to do so. The price actually lost 0.5% of is value.
This morning, SpotOnChain reported a significant token unlock event for Chainlink. Approximately 18.75 million LINK tokens, valued at around $215 million, were unlocked from Chainlinkâs non-circulating supply contracts about four hours ago.
The majority of these unlocked tokens, 18.125 million LINK (worth $208 million), were sent to Binance. An additional 625,000 LINK tokens (valued at $7.18 million) were transferred to a multisig wallet with the address 0xD50f.
18.75M $LINK ($215M) was unlocked from Chainlink Noncirculating supply contracts ~4hrs ago, including:âą 18.125M $LINK ($208M) sent to #Binanceâą 625K $LINK ($7.18M) sent to Multisig 0xD50fNotably:â @chainlink has been unlocking $LINK every 3 months since Aug 2022, totaling⊠https://t.co/UbsVLP7Bi4 pic.twitter.com/nTCqSJYxu5
â Spot On Chain (@spotonchain) September 21, 2024
Itâs worth noting that Chainlink follows a pattern of unlocking LINK tokens every three months since August 2022. The total amount unlocked so far is 145.75 million LINK, which is equivalent to about $1.5 billion.
Of these unlocked tokens, around 126 million LINK (approximately $1.28 billion) were directly deposited to Binance at an average price of $10.13. Interestingly, despite these massive unlocks and deposits to centralized exchanges, the LINK price has managed to remain stable or even increase following these events.
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Looking ahead, Chainlink still has a substantial reserve of 372.75 million LINK tokens (worth about $4.27 billion) spread across 24 non-circulating contracts. This suggests that further unlocks may occur in the future, potentially impacting the tokenâs price and supply dynamics.
Read also: This Bitcoin Indicator That Nailed Aprilâs Momentum Shift Is Flashing Again as BTC Price Fails To Break $64K
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The post Chainlink Holders, Be Careful! Massive LINK Unlocks Ongoing appeared first on CaptainAltcoin.
