Binance News: Chainlink Unlocks Significant Supply, Deposits on Binance Spark Investor Interest

14 Million $LINK Unlocked and Deposited to Binance

Chainlink ($LINK), a renowned cryptocurrency, has unlocked its 11th batch of supply. A non-circulating wallet of $LINK has been unlocked, with $14.875M coins deposited to Binance. This event has captured investor attention despite current market volatility. Historically, 9 out of 10 previous unlocks saw $LINK’s price increase within 30 days, hinting at potential bullish momentum ahead.

Chainlink Unlocks 19M LINK Worth $269M and Sends to Binance

Chainlink has unlocked 19 million LINK tokens worth approximately $269 million and transferred them to Binance. Some speculate that the blockchain network sent the tokens to add liquidity to the exchange, considering Binance accounts for most of LINK’s trading volume. However, the unlocking event has not significantly impacted LINK’s trading price, which is currently at $14.03. Out of the unlocked tokens, 14.875 million LINK, worth roughly $212.9 million, were sent to Binance, while the remaining 4.125 million LINK were transferred to a multi-sig wallet. This is not the first time Chainlink has unlocked its tokens; since August 2022, Chainlink has released 176 million LINK, valued at over $2.43 billion at current prices. Out of these, 151.3 million have been transferred to Binance at an average price.