Approximately 149 million dollars worth of 17 million 875 thousand LINK was transferred today from Chainlink's (LINK) non-circulating wallets to the Binance exchange.
Popular blockchain data analysis account Lookonchain reported significant movement in Chainlink's (LINK) supply. According to on-chain data, wallets holding non-circulating LINK supply transferred 17 million 875 thousand LINK to the Binance exchange. The total value of this transfer was calculated to be approximately 149 million dollars.
According to data shared by Lookonchain, Chainlink has previously made a total of 11 similar supply releases of similar magnitude. It was emphasized that after these releases, there was mostly a noticeable increase in the LINK price. Therefore, investors may now be reviewing their positions expecting a similar price movement.
Why could prices rise?
The general increase in the price of Chainlink after previous large supply movements has strengthened the expectation of a new rally among investors. It is noted that a transfer to a high-volume exchange like Binance could increase investor interest, leading to new activity in the market. Especially, the potential of the tokens transferred in large amounts to affect short-term supply-demand balances draws attention.
Recently, it is known that the LINK price has attracted investors' attention with its unique movements, independent of general market conditions. Analysts predict that the coming days could be quite active for Chainlink following the current transfer.