LINK Shows Extremely Suspicious On-Chain Activity as Largest Amount Since Genesis Gets Moved

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Santiment on-chain data agency’s team have taken to Twitter to share that a staggering cumulative amount of LINK has been moved as the token’s price dropped, beating the record set in 2017 after the token’s genesis.

80.8 million LINK on the move—5-year record almost broken

The tweet shows that despite a tiny price drop of 4% faced by LINK, on Tuesday, a cumulative 80.8 million unique LINK were transferred. This was the second biggest after the fall of 2017 when a huge amount of native Chainlink tokens was shifted when LINK only started trading.

? #Chainlink saw a mild -4% drop alongside the #altcoin pack. However, one thing stood out… 80.8M cumulative unique $LINK moved addresses Tuesday, breaking a 5-year record. Its opening trading days in September, 2017 were the only time we’ve seen more. https://t.co/DfBFKRZdMs pic.twitter.com/HMVLXAjrQI

— Santiment (@santimentfeed) June 29, 2022

LINK getting drained from exchanges en masse

Data provided by another popular on-chain data company, Glassnode, shared by Twitter user @Jay_DCA shows that huge amounts of LINK are being withdrawn from centralized crypto exchanges as, apparently, holders are moving their coins into cold wallets for long-term storage.

#Chainlink $LINK being pulled off exchanges at record levels. And yeah, it may go lower, this is a bear market after all. But the numbers here are extremely compelling, regardless. pic.twitter.com/WNQAgAXNHF

— Based Crypto Analysis (@Jay_DCA) June 29, 2022

At press time, LINK is changing hands at $6.42 after a nearly 5% drop in the past 24 hours, according to CoinMarketCap.