Chainlink (LINK) Community Confused by Whale Activity: Details

As Chainlink (LINK) whales – the largest on-chain accounts with huge LINK balances – are moving funds and might be selling their riches step by step, the community of “LINK marines” has turned pessimistic. However, some community enthusiasts are certain that the narratives about whale-driven selling are just regular FUD.

Chainlink (LINK) community in panic?

Since mid-June, the activity of whales’ accounts holding LINK tokens skyrocketed. Some LINK community enthusiasts noticed that largest holders might be taking profits before the next dump of the LINK price.

🐳 #Chainlink whales are cashing in and distributing their tokens! 📊 @santimentfeed data shows an increase of almost 9% in the supply of $LINK on exchanges on June 21st. This increase coincides with the increase in profit taking, as seen in the network’s realized L/P metric. https://t.co/ulml04CqR5 pic.twitter.com/LcDDMqU5cH

— 山丨ㄥㄥ Trader_Kamikaze 🇧🇷 🤘 (@trader_kamikaze) June 22, 2024

An intriguing jump in whale activity was registered by automated tracking services on Friday, June 21. As covered by U.Today previously, almost 19 million LINK tokens were sent to exchanges.

Enraged Crypto Twitter speakers raised concerns about the potential bearish prospects for the Chainlink (LINK) price in the short term:

The desperation is palpable. $12 isn’t going to hold as support again. $5 might bounce or grind sideways for a while. What happens when you aren’t able to dump millions and millions of tokens on the open market to support operations? (…) Why do you run ads? What’s the purpose? More retails to dump your premined tokens?

However, the opponents of pessimistic holders stressed that the project is following its roadmap, and whale-driven movements are not unknown to LINK.

In the past 30 days, the price of Chainlink (LINK) dropped by 23.17%. The token’s capitalization erased about $3 billion and reached multi-week lows.

Chainlink (LINK) service integrations announced on seven networks

Also, some Twitter critics mentioned the lowered usage of Chailink’s CCIP protocol for value movements between various networks.

#CCIP in the last 24 hours
Transactions: 1,263
Fees: $689.88
Token value transferred: $617,733.12 (0.28% market share)
Top sender: $XSwap: Fees: $546.64 (79.24% of total), Tx Count: 1,139 (90.18% of Total)$LINK

— CCIPMetrics (@CCIPMetrics) June 24, 2024

In the last 24 hours, it only processed less than 1,300 transactions, charged by $689 in fees.

At the same time, Chainlink (LINK) services are being integrated by more and more services. During the last seven days, it arrived on protocols on seven large EVM networks, including Ethereum (ETH), Arbitrum (ARB), Base (BASE), Mode and Scroll.

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