This Alternative Coin (Altcoin) Experienced a Substantial Token Unlock – $208 Million Sent to Binance
According to data on the blockchain, decentralized oracle network Chainlink (LINK) recently conducted a significant token unlock.
The data reveals that 18.75 million LINK tokens, valued at $215 million, were released from Chainlink’s off-circulation supply contracts.
Out of the aforementioned tokens, approximately 18.12 million units worth $208 million were swiftly transferred to the renowned cryptocurrency exchange Binance as soon as they became accessible.
In addition, 625 thousand LINK tokens equivalent to $7.18 million were sent to the Multisig 0xD50f wallet.
Since August 2022, Chainlink has unlocked a grand total of 145.75 million tokens valued at $1.5 billion during its quarterly token unlock events. Out of these, 126 million tokens worth $1.28 billion have been directly sent to Binance. The transfers were made at an average price of $10.13.
As of now, the trading price of LINK stands at $11.30.
Despite these substantial token unlocks and the consolidation of tokens in centralized cryptocurrency exchanges, the price of LINK remains stable, occasionally experiencing increases following these events.
However, developers still retain possession of 372.75 million tokens valued at $4.27 billion, distributed among 24 different cryptocurrency wallets.
*Please note that this content does not constitute investment advice.