On-chain data shows that large Chainlink whales have moved tens of millions of dollars worth of LINK as the crypto markets take a move to the downside.
According to blockchain analytics firm Santiment, three big LINK transactions worth about $80 million all went through within minutes of each other.
The firm adds that the whale activity marks the largest on-chain transaction spike for the decentralized oracle network in the past 90 days.
“Something appears to be brewing with Chainlink, as Santiment picked up three big whale transactions all occurring within 11 minutes of each other during Friday’s final hours.
In total, 11.6 million LINK were moved, approximately $79.7 million, to whale wallets.”
On the same day, blockchain-tracking service Lookonchain also spotted big LINK transfers involving one of the whale addresses mentioned by Santiment. According to Lookonchain, the crypto was transferred from LINK’s non-circulating supply, or tokens set aside by Chainlink, to a whale wallet. The LINK trove was subsequently relocated to Binance, where it could be potentially sold on the open market.
“Three Chainlink non-circulating supply addresses transferred a total of 6.1 million LINK ($42.2 million) to Binance…
The three addresses transferred 17.5 million LINK ($124 million) to Binance on Aug 26th, 2022.
And transferred 14.55 million LINK ($90 million) to Binance on Nov 22nd, 2022.”
At time of writing, Chainlink is trading at $6.89, down over 86% from its all-time high of $52, which it hit in May 2021.
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Featured Image: Shutterstock/LambArtist/Natalia Siiatovskaia