While Chainlink whales (LINK), the largest on-chain accounts with huge LINK balances, are moving funds and could be selling their riches step by step, the “LINK marine” community has become pessimistic. However, some community enthusiasts are sure that narratives about whale-driven sales are simply FUD.
While Chainlink whales (LINK), the largest on-chain accounts with huge LINK balances, are moving funds and could be selling their riches step by step, the “LINK marine” community has become pessimistic. However, some community enthusiasts are sure that narratives about whale-driven sales are simply FUD.
Is the Chainlink (LINK) community in panic?
Since mid-June, activity from whale accounts holding LINK tokens has skyrocketed. Some enthusiasts in the LINK community noted that larger holders could be making profits ahead of the next LINK price drop.
Automated tracking services recorded an intriguing jump in whale activity on Friday, June 21. As Guru-Investingpreviously reported, nearly 19 million LINK tokens were sent to exchanges.
Tomiwabold Olajide
Enraged Crypto Twitter speakers expressed concern about the possible bearish outlook for Chainlink (LINK) price in the near term:
The desperation is palpable. $12 will no longer serve as support. $5 could bounce or move sideways for a while. What happens when millions and millions of tokens cannot be thrown into the open market to support operations? (…) Why do they publish ads? What is the purpose? More retail stores to get rid of their pre-mined tokens?
However, opponents of the pessimistic proponents emphasized that the project is following its roadmap and that LINK is not unaware of whale-powered movements.
In the last 30 days, the price of Chainlink (LINK) fell by 23.17%. The token capitalization erased around $3 billion and hit multi-week lows.
Chainlink (LINK) service integrations announced across seven networks
Additionally, some Twitter critics cited the lesser use of Chailink’s CCIP protocol for movements of value between various networks.
In the last 24 hours, it only processed fewer than 1,300 transactions, charging $689 in fees.
At the same time, Chainlink (LINK) services are being integrated into more and more services. Over the past seven days, it hit the protocols of seven major EVM networks, including Ethereum (ETH), Arbitrum (ARB), Base (BASE), Mode, and Scroll.
