Chainlink unlocks millions of LINK tokens and transfers them to exchanges
Chainlink has unlocked the tokens
The Chainlink project has unlocked 11.25 million LINK tokens, transferring the majority of them to cryptocurrency exchanges. This event could potentially lead to a decline in the asset's value.
The analytical service Spot On Chain reported that Chainlink unlocked 11.25 million LINK tokens. According to the tracker, most of these tokens—10.625 million LINK, worth $243.5 million—were sent directly to the Binance exchange. Another 625,000 LINK tokens, valued at $14.4 million, were transferred to a multi-signature wallet.
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Since August 2022, Chainlink has unlocked a total of 157 million LINK tokens worth $1.73 billion. Of this amount, 136.5 million LINK tokens ($1.52 billion) were sent to Binance at an average price of $11.1 per token.
Currently, Chainlink holds 361.5 million LINK tokens, valued at $8.45 billion, in 15 contracts that are not part of the circulating supply.
How LINK price might change
The introduction of new LINK tokens into the market as part of Chainlink’s regular unlocking process raises concerns among cryptocurrency investors. These unlocks, aimed at increasing the circulating supply of tokens, often trigger fears of potential price declines.
Currently, LINK’s price reflects the broader downturn in the cryptocurrency market, having dropped 20.6% over the past seven days. The massive influx of tokens to exchanges might prompt token holders to take defensive actions, including liquidating their assets, to avoid further losses.
Recently, LINK’s price has encountered resistance due to a decline in whale activity and overall market sentiment.
