Chainlink Transfers $207M to Binance Amid 2.64% Price Dip in 24 Hours

• Chainlink unlocked 18.75M LINK, with 18.125M transferred to Binance and 625K to a multi-signature address, worth a total of $207M.
• Since 2022, Chainlink has unlocked and transferred 133.4M LINK ($1.29B) to Binance, with an average transfer price of $9.69 per LINK.
• Chainlink’s current market cap is $7.07B, with a circulating supply of 626M LINK and a current price of $11.30, down 2.64% in the last 24 hours.

Chainlink has unlocked 18.75 million LINK tokens today from five non-circulating supply addresses over a five-hour period. Out of these, 18.125 million LINK, valued at approximately $207 million, were transferred to Binance. Additionally, 625,000 LINK tokens, worth about $7.15 million, were sent to a multi-signature address, identified as 0xD50…8Af.

Chainlink has unlocked and transferred 18.75 million LINK from 5 non-circulating supply addresses, of which 18.125 million were transferred to Binance, worth approximately US$207 million. Every three months, Chainlink’s non-circulating supply address will unlock and transfer…

— Wu Blockchain (@WuBlockchain) September 21, 2024

This activity is part of Chainlink’s quarterly token unlocking process, where approximately 20 million LINK are released every three months. The majority of the unlocked tokens typically flow to Binance, while a smaller portion is directed to the 0xD50…8Af address. The tokens sent to this address are used to distribute staking rewards to eligible participants.

Chainlink Price Movement and Market Impact

Chainlink’s price has fallen by 2.64% over the last 24 hours. Despite the large number of unlocked LINK, this transfer did not result in an immediate sharp decline in the token’s price.

Historically, similar large transfers have had minimal impact on the market. Since 2022, Chainlink has unlocked and transferred approximately 133.4 million LINK to Binance, totaling $1.29 billion. Each transfer had an average token price of $9.69.

Chainlink’s current circulating supply is 626,033,997 LINK and the coin is eyeing the $12 level. Despite the constant flow of unlocked LINK into the market, the LINK price has remained basically stable.

Chainlink’s regular token unlocking and transfers to Binance continue to take place without major price disruptions. Even with a 2.64% dip in the last 24 hours, the market seems to have absorbed the activity without significant panic. Investors appear to anticipate and price in these quarterly events, maintaining confidence in LINK’s overall stability.

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