Part of the funds was withdrawn to the Binance crypto exchange

​Analysts record the movement of 11,6 million LINK tokens

06.03.2023 - 14:15

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3 min

What’s new? Analysts at Santiment discovered three large transactions with the token of the Chainlink (LINK) decentralized oracle network that occurred within 11 minutes. A total of 11,6 million LINK, or about $79,7 million, were transferred to wallets on March 3. Santiment added that the whale activity became the largest spike in transactions on the Chainlink blockchain over the past 90 days.

What else is known? On the same day, blockchain analysts at Lookonchain recorded large LINK transfers involving the addresses mentioned by Santiment. According to their data, the cryptocurrency was transferred from LINK’s non-circulating supply. Subsequently, 6,1 million tokens worth about $42,2 million were transferred to the Binance crypto exchange, where they could potentially be sold on the open market.

The three addresses have also previously been seen making large transfers. On August 26, 2022, they transferred 17,5 million LINK ($124 million) to Binance. Another transfer of 14,55 million LINK ($90 million) to the exchange was made on November 22, 2022.

Chainlink, based on the Ethereum blockchain, verifies and collects data from external sources for other smart contracts. In December 2022, LINK staking was launched in the protocol to ensure data transfer security. In September, Chainlink began working with SWIFT to work on a cross-chain protocol combining traditional finance and digital assets.

As of March 6, 14:00 UTC, LINK ranks 24th in the cryptocurrency ranking with a capitalization of $3,395 billion and is trading at $6,91, having lost 0,93% in 24 hours. During the week, the asset gained 2,01% (Binance’s data).

Earlier, analyst Michaël van de Poppe predicted LINK’s rally along with two other altcoins.

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