Data from CoinGecko indicates that within the previous 7 days, Chainlink (LINK) price increased by a noteworthy 25%.
LINK’s price seems to be dropping as it continues to struggle to stay over the $18 mark. Although it is anticipated that this slowdown will pass quickly, the price of Chainlink is still stalling.
The most recent on-chain disclosure has provided light on the reasons behind the bearish pressure on the price of LINK.
The crypto analytics company SpotOnChain revealed that three of Chainlink’s non-circulating supply contracts have recently released 19 million tokens, valued at about $341 million, in a post on X.
The on-chain analytics company provided a more thorough analysis, revealing that 15.95 million tokens—worth $287 million—were transferred to Binance, the biggest controlled exchange globally.
The remaining 3.05 million Chainlink, valued at $54.3 million, were moved to the multi-sig wallet 0xD50f in the interim.
SpotOnChain claims that there will be more transactions involving Chainlink’s wallets in the future that are comparable to this one.
According to the analytics tool, Chainlink has been unlocking tokens since 2022 and sending part of them to Binance.
According to on-chain data, since August 2022, 88.95 million LINK have been transferred to Binance, out of the 106 million tokens that Chainlink has unlocked. The total value of these trades, at an average price of $9.06, is $805 million.
SpotOnChain observed that the price of LINK has somewhat decreased over the last two unlocks. On Saturday, February 3, the Chainlink token dropped from over $19 to $17.5 at the most recent unlock.
