Chainlink (LINK), the decentralized oracle network, has recently seen a staggering 1,453% increase in large transaction volume, indicating significant whale activity. This increase in activity raises questions about what could be driving these moves and whether a massive price move is on the horizon.
Chainlink (LINK), the decentralized oracle network, has recently seen a staggering 1,453% increase in large transaction volume, indicating significant whale activity. This increase in activity raises questions about what could be driving these moves and whether a massive price move is on the horizon.
According In the block According to data, Chainlink is recording a 1,453.68% increase in large transaction volume, totaling $885.23 million, or 62.3 million LINK in the last 24 hours.
Large transaction volumes typically represent the movements of “whales,” or large holders of substantial amounts of cryptocurrency. The recent 1,453% increase in LINK’s large trading volume could suggest that these big players may be making significant moves.
The reasons for the large increase in transaction volume may be varied; however, one could include market speculation, as whales could be positioning themselves for a significant price move.
The substantial increase in trading volume could be a precursor to a coordinated buying or selling strategy aimed at capitalizing on upcoming market movements.
18.77 million LINKS sent to exchanges
Cryptographic analyst Ali noted that in the last 24 hours, 18.77 million LINK tokens valued at approximately $256.20 million were sent to cryptocurrency exchanges.
Blockchain data tracker WhaleAlert reports that four transactions totaling over 18 million LINK were sent to the Binance crypto exchange from an unknown wallet.
The four transactions are as follows: Two transactions carrying 3,499,999 LINK worth $49,267,056 are sent to Binance from an unknown wallet. In two split transactions, 6,999,999 LINK worth 98,502,247 and 4,749,999 LINK worth $66,325,386 were transferred from an unknown wallet to Binance.
The huge amount of Chainlink moved could be part of the token unlocking mechanism. According Point on the chain21 million LINK worth $295 million have been unlocked from Chainlink’s non-circulating supply contracts, including 18.25 million LINK worth $264 million, which were transferred to Binance, and the 2.25 remaining million LINK ($31.3 million) were sent to a multi-signature address.
At the time of writing, Chainlink’s LINK was down 5.48% in the last 24 hours to $13.63.
