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 Editor-in-Chief of Coinspress and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
