Chainlink: Massive Whale Transfers During Crypto Dip
As per on-chain data, significant holders of Chainlink (LINK) have moved a considerable amount of the cryptocurrency while the crypto market experiences a decline.
Blockchain analytics firm Santiment reported that three major transactions worth roughly $80 million in total occurred within minutes of each other, making it the most significant on-chain transaction surge for the decentralized oracle network in the previous three months.
🔗🐳 Something appears to be brewing with #Chainlink, as @santimentfeed picked up 3 big whale transactions all occurring within 11 minutes of each other during Friday's final hours. In total, 11.6M $LINK were moved, approximately $79.7M, to whale wallets. https://t.co/Y0ZSBowxcG pic.twitter.com/FfTvVyhiwh
— Santiment (@santimentfeed) March 4, 2023
According to Santiment, Chainlink appears to be experiencing some unusual activity, as evidenced by the large whale transfers.
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On the same day, Lookonchain, a blockchain tracking service, observed large LINK transfers from one of the whale addresses disclosed by Santiment.
Lookonchain claims that the crypto was shifted from Chainlink’s non-circulating supply, which is held back by Chainlink, to a whale wallet, which was subsequently relocated to Binance for a possible sale on the open market.
As of writing, Chainlink is currently trading at $6.87, down 86% from its peak of $52 reached in May 2021.
Last week, Chainlink announced the launch of a platform named Chainlink Functions, which enables developers to connect data to smart contracts. Smart contracts are blockchain protocols that execute the terms of a contract. With Chainlink Functions, any smart contract can connect to any Web2 application programming interface (API).
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
