The Potential Impact of an 18.75 Million LINK Transfer on Chainlink’s Price

The Potential Impact of an 18.75 Million LINK Transfer on Chainlink's Price


Concerns Arise Over Chainlink’s LINK Tokens

There is growing apprehension about the stability and future price trajectory of Chainlink’s LINK tokens as whole lot of movements in the market occur. In the past day, notable Chainlink wallets have transferred a substantial number of tokens to numerous platforms, sparking debates about the implications for the digital asset.

LINK Network Activity Raises Concerns

In the previous day, four Chainlink wallets have transferred a total of 18.75 Million LINK, equivalent to $119 Million, to different platforms. These wallets, which hold a non-circulating supply, sent 15.7 Million LINK (worth around $100 million) to Binance and 3.05 Million LINK (worth approximately $19 million) to a multi-sig wallet labeled 0xD50f.

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This is not the first time such transfers have took place. On March 4, there was a similar transfer amounting to approximately $95 Million worth of LINK to Binance.

On-chain analysis firm Lookonchain has pointed out that these designated wallets have consistently moved LINK to Binance quarterly since August 2022, totaling 71.8 Million LINK or $446 million.

Probable Impact on Token Price

The influx of LINK into circulation has raised concerns about its probability impact on the token’s price. In the previous day, the token’s value has slightly declined by 0.5% to $6.19. This recent dip is part of a broader trend, as LINK’s value has dropped by 20% in the previous year and is now 88.7% off its all-time high.

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Chainlink Scores Key Partnerships

Regardless of concerns about Chainlink’s long-term price trajectory and recent LINK movements, there are positive indicators. Chainlink’s Network Growth has seen a whole lot of rise, and whale addresses have acquired over 4 Million LINK tokens within 10 days.

These positive developments could be driven by Chainlink’s partnerships with traditional finance players. The company has successfully tested tokenization in collaboration with SWIFT and partnered with banking giants like BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group.

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In addition, the Australia and New Zealand Banking Group (ANZ) has utilized Chainlink’s Cross-Chain Interoperability Protocol to test its A$DC stablecoin.

Hot Take: Chainlink Faces Uncertainty Amidst Token Movements

The recent movements of Chainlink’s LINK tokens have raised concerns about the asset’s stability and future price trajectory. Although while some believe that the influx of LINK into circulation could negatively impact the token’s price, others point to positive indicators such as Chainlink’s partnerships with traditional finance players and the rise in Network Growth. As the debate continues, it remains to be seen how these factors will in the end shape future of the Chainlink and its LINK tokens in the cryptocurrency market.

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Author – Contributor at | Website

Bernard Nicolai emerges as a beacon of wisdom, seamlessly harmonizing the roles of crypto analyst, dedicated researcher, and editorial virtuoso. Within the labyrinth of digital assets, Bernard’s insights echo like a resonant chord, touching the minds of seekers with diverse curiosities. His talent for deciphering the most intricate strands of crypto intricacies seamlessly aligns with his editorial finesse, transforming complexity into a captivating narrative of comprehension.

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