In the largest decentralized oracle network, Chainlink (LINK), a significant movement has been observed. Since the beginning of the year, Chainlink has risen over 150%, and a transfer of $119 million worth of LINK from Non-Circulating Supply wallet addresses to the cryptocurrency exchange Binance has taken place.
Price May Increase After LINK Transfer
The on-chain data provider Lookonchain has reported that about 8 hours ago, approximately 8.2 million LINK, valued at $119 million, were transferred from the Non-Circulating Supply wallet addresses of the leading decentralized oracle network Chainlink to Binance, the world’s largest cryptocurrency exchange.
Data shows that since August 26, 2022, LINK has been deposited to Binance from these wallet addresses every three months. Interestingly, most of the time after these LINK transfers, the price of the altcoin tends to rise. Lookonchain suggests that a similar increase may occur again.
As is known, the supply of Chainlink is limited to 1 billion units. Current data indicates that out of the 1 billion limited LINK supply, 56.81%, which corresponds to 568 million units, is in circulation.
Current Situation of LINK
According to data provided by the crypto data and price platform CoinMarketCap, LINK has seen a 3.26% decrease in the last 24 hours, trading at $14.43. The altcoin, which broke the year’s record on December 9 at $16.1, has been in a downtrend due to profit-taking from investors since then. Despite this pullback, LINK’s price has increased by 156% since the beginning of the year, and many market observers anticipate that the rise in the altcoin, especially in the expected bull market of 2024/2025, will be very strong.
The Chainlink project most recently made headlines with the team’s introduction of Staking v0.2, which became generally accessible on December 11, 2023. This development stood out as an important step for the Chainlink community and caught the attention of the crypto world. Market observers expect that Staking v0.2 will lead to increased investor interest in LINK in the medium to long term, and as a result, the price of the altcoin will increase.
