Despite the stock market reaching new highs, Bitcoin and Ether have both declined over 10% from their yearly peaks.
Other major cryptocurrencies such as Solana ($SOL), Cardano ($ADA), and Chainlink ($LINK) have experienced even steeper drops, each falling more than 25% from their recent highs.
Despite the stock market reaching new highs, Bitcoin and Ether have declined over 10% from their yearly peaks.
Other major cryptocurrencies like $SOL, $ADA, and $LINK have seen even steeper drops, falling more than 25% from their recent highs. pic.twitter.com/NET1hMjr86
— IntoTheBlock (@intotheblock) June 21, 2024
In the last 24 hours, 18.77 million Chainlink tokens, valued at approximately $256.20 million, were transferred to cryptocurrency exchanges.
This movement comes as Chainlink unlocked 21 million LINK ($295 million) from four non-circulating supply contracts. Of this amount, 18.25 million LINK ($264 million) was deposited directly to Binance, while 2.25 million LINK ($31.3 million) was sent to a multisig wallet at address 0xD50f.
In the last 24 hours, 18.77 million #Chainlink $LINK, valued at approximately $256.20 million, were sent to cryptocurrency exchanges! pic.twitter.com/4MV16ZCZBC
— Ali (@ali_charts) June 22, 2024
Chainlink Has Unlocked A Total Of 127 Million LINK
These activities were conducted by the entity managing Chainlink’s non-circulating supply. Since August 2022, Chainlink has unlocked a total of 127 million LINK and sent 107.7 million LINK to Binance at an average price of $9.89.
Currently, there are 391.5 million LINK ($5.4 billion) remaining across 24 non-circulating contracts.
21M $LINK ($295M) was unlocked from @chainlink Noncirculating supply contracts ~3hrs ago, including:
• 18.25M $LINK ($264M) to #Binance
• 2.25M $LINK ($31.3M) to Multisig 0xD50fNotably:
– Chainlink has unlocked 127M $LINK and sent 107.7M $LINK to Binance at ~$9.89 since Aug… https://t.co/bVUDTMDFgZ pic.twitter.com/jxaO5Glxjb— Spot On Chain (@spotonchain) June 21, 2024
Despite these significant token movements, the price of LINK has remained relatively stable post-unlocks, indicating that the market is absorbing the supply influx without drastic price drops.
The recent declines in Bitcoin and Ether, coupled with large-scale movements of LINK, highlight the volatility and dynamic nature of the cryptocurrency market.
Investors and traders are closely watching these developments to gauge future price movements and market trends. As the crypto market continues to evolve, significant token movements and their impacts will remain critical factors for market participants to monitor.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any projects.
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