đ„đ„Major Altcoin Team Sends $215 Million to Binance: How Does It Affect the Price? đ„đ„
Popular oracle project Chainlink (LINK) has reopened the lock on its contract containing tokens that are not in circulation.
According to the information provided by on-chain and analysis platform Spot On Chain, 18.75 million LINK ($215 million) in Chainlink's contract has been unlocked. Chainlink has been unlocking every three months since August 2022 and has unlocked a total of 145.75 million LINK ($1.5 billion) in this process.
Large Transfer to Binance
According to blockchain records, 18.125 million ($208 million) of the 18.75 million LINK opened was transferred to Binance, the world's largest cryptocurrency exchange. The remaining 625,000 LINK ($7.18 million) was transferred to a multi-signature wallet.
According to Spot On Chain data, Chainlink has deposited approximately 126 million LINK ($1.28 billion) to Binance since August 2022. The average unit price of these tokens was around $10.13 at the time of the transactions.
Impact on the Market
Coin transfers to centralized exchanges are often interpreted as selling pressure. Selling large amounts at once can have a negative impact on the market and cause prices to move downward. However, the Spot On Chain team made an assessment as follows: âDespite massive unlocks and exchange transactions, the LINK price remains stable or even increases during unlocks.â Chainlink still has 372.75 million LINK ($4.27 billion) in its contracts.
My dear friends, please do not withhold your free support. I try to bring you such news instantly. My only request from you is that if there is anyone who has not yet followed me, I would be happy if they did. Do not forget to like my articles and posts. Thank you.
