$LINK Chainlink Skyrockets 3,373% in Whale Activity Amid $458 Million Market Crash

According to on-chain data, Chainlink (LINK) whale moves have skyrocketed 3,373% over the last 24 hours. The surge coincides with a sell-off in the broader crypto market, resulting in $458 million in liquidations.

Per IntoTheBlock data, Chainlink saw a massive increase in the volume of large transactions, which are defined as transfers of more than $100,000.

In the recent 24 hours, large transaction volume, which suggests whale or large holder activity, increased 3,373.02% to $762.7 million, or 59.63 million LINK. This is the highest figure in the past seven days and nearly three months.

Chainlink Noncirculating Supply wallets deposited 17.875M $LINK($149M) into #Binance again today.Historically, #Chainlink has done 11 major unlocks—most were followed by price increases.https://t.co/edlAW6psdb pic.twitter.com/3NoK2yhDeo

Crypto market dips

At the time of writing, Chainlink was down 3.13% in the last 24 hours to $12.66, mirroring the sell-off in the broader crypto market, which has witnessed $458 million in liquidations, according to Coinglass.

At its June meeting, which ended on Wednesday, the Federal Reserve held its borrowing rate steady at 4.25%-4.5%, with the expectation that inflation would rise and economic growth would decelerate.

In a subtle shift, Federal Reserve Governor Christopher Waller stated in an interview with CNBC that inflation was moderating to the point where the central bank may lower interest rates at its next meeting in July. "I think we’re in the position that we could do this as early as July," Waller stated, adding, "That would be my view, whether the committee would go along with it or not."

The markets briefly reacted to this optimism before reversing as investors assessed macroeconomic uncertainties.