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.
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).