Chainlink Unlocks 18.75M $LINK, Sends $208M To Binance Amid Stable Price Action

Recently, Chainlink unlocked 18.75 million $LINK tokens (valued at $215 million) from its non-circulating supply contracts.

Of this amount, 18.125 million $LINK ($208 million) was transferred directly to Binance, while 625,000 $LINK ($7.18 million) was sent to a multisig wallet, 0xD50f. This unlock follows Chainlink’s established pattern of releasing tokens every three months since August 2022.

Since the start of these unlocks, Chainlink has released a total of 145.75 million $LINK tokens (worth $1.5 billion). A significant portion of these, around 126 million $LINK (approximately $1.28 billion), has been deposited into Binance, with an average price of $10.13 per token.

Chainlink LINK Stays Strong Despite Large Token Unlocks 

Despite the regular unlocking of large amounts of $LINK and their subsequent deposits into centralized exchanges (CEXs) like Binance, the token’s price has remained surprisingly stable. In fact, on several occasions, the price has either held steady or even increased following these unlock events. This suggests that market participants may already be factoring in these token unlocks or that demand is absorbing the additional supply without significant downward pressure on price.

Looking ahead, Chainlink still has 372.75 million $LINK tokens, valued at $4.27 billion, locked across 24 non-circulating contracts. With such a large portion of tokens still awaiting release, it will be interesting to see if Chainlink can maintain its price stability in the face of future unlocks.

Overall, Chainlink’s ability to weather these substantial unlocks without negatively impacting its market price highlights the strong demand for $LINK and its role within the broader blockchain ecosystem.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: fellowneko/123RF // Image Effects by Colorcinch

Source: https://nulltx.com/chainlink-unlocks-18-75m-link-sends-208m-to-binance-amid-stable-price-action/