A significant chainlink deposit, worth $11.11 million, has been spotted by blockchain monitoring firm Lookonchain on the world’s largest cryptocurrency exchange, Binance. This massive transaction from a major Chainlink holder raises eyebrows about potential sell-off attempts amidst market uncertainties.
The transfer, involving 722,416 LINK tokens, followed a similar $1.54k deposit by the same whale just minutes prior. This rapid activity has left observers baffled as it coincided with the cryptocurrency’s ongoing volatility and bearish signals for Chainlink.
Chainlink, which has experienced a decline of 0.53% over the past day, currently trades at around $15.47 after this transaction. The price movement comes amid concerns about increased token dumping on exchanges to liquidate holdings. While market capitalization has dipped slightly to $10.17B, the trading volume for Chainlink surged by a whopping 45.76% over the past day – suggesting active trading from holders rather than potential buying.
This surge in trading activity raises questions about investor confidence and suggests that holders are potentially selling off their tokens. The large $11.11 million LINK transfer to Binance might be one example of these attempts to move tokens into exchanges to sell them on the market.
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