In a significant development, Chainlink (LINK) tokens are making waves in the cryptocurrency market. Over the past 24 hours, four notable Chainlink wallets have transferred an eye-popping 18.75 million LINK across various platforms. Consequently, this has reignited discussions about the digital asset’s stability and future price trajectory.
Moreover, these transfers amount to a staggering $119 million. Specifically, 15.7 million LINK, valued at approximately $100 million, has been moved to Binance. Another 3.05 million LINK, worth around $19 million, found its way to a multi-sig wallet labeled 0xD50f. On-chain analyst EmberCN took to Twitter to shed insights on the massive LINK transfer.
On March 4, a transfer involving roughly $95 million worth of LINK to Binance occurred. Significantly, on-chain analysis firm Lookonchain has pointed out that these designated wallets have consistently transferred LINK to Binance every quarter since August 2022. Hence, these transfers account for a massive 71.8 million LINK, equivalent to $446 million.
However, despite the influx of LINK into circulation, the token’s price has shown resilience. Over the past day, LINK recorded a price increase of 6.38% and is currently trading at $6.6.
Besides, a seasoned crypto analyst, Ali, highlighted that whale addresses acquired over 4 million LINK tokens within ten days. Such enthusiasm is likely fueled by Chainlink’s recent collaborations with traditional finance giants. The company, known for its Oracle services, successfully tested tokenization in partnership with SWIFT. This initiative involved teaming up with banking heavyweights like BNY Mellon, BNP Paribas, Euroclear, and Lloyds Banking Group. The Australia and New Zealand Banking Group (ANZ) also recently utilized Chainlink’s Cross-Chain Interoperability Protocol to test its A$DC stablecoin, originally launched in March 2022.
The substantial movement of LINK tokens by notable Chainlink wallets has stirred the market, yet the asset remains stable. With recent partnerships and consistent price gains, Chainlink continues to be a digital asset worth watching.
