Chainlink (LINK), a major decentralized oracle network, has observed significant activity. Since the beginning of the year, Chainlink has experienced an increase of over 150%, with $119 million worth of LINK being transferred from Non-Circulating Supply wallet addresses to the cryptocurrency exchange Binance.
The on-chain data provider Lookonchain reported that approximately 8 hours ago, nearly 8.2 million LINK, valued at $119 million, was transferred from Chainlink’s Non-Circulating Supply wallet addresses to Binance.
According to data, since August 26, 2022, LINK has been deposited to Binance from these wallet addresses every three months. Interestingly, after these LINK transfers, the altcoin’s price typically shows an increase. Lookonchain suggests that a similar rise might occur again.
It is known that the supply of Chainlink is capped at 1 billion units. Current data indicates that 56.81% of the limited supply of 1 billion LINK, which is 568 million units, is in circulation.
According to data provided by CoinMarketCap, LINK has seen a decrease of 3.26% in the last 24 hours, trading at $14.43. The altcoin, which hit its yearly high on December 9 at $16.1, has since been on a downward trend due to investors taking profits. Nevertheless, the LINK price has shown an increase of 156% since the beginning of the year, and market observers predict that the altcoin will experience a very strong rise, especially in the expected bull market of 2024/2025.
The Chainlink project recently made headlines with the introduction of Staking v0.2 by the team, which became generally accessible on December 11, 2023. This development was highlighted as a significant step for the Chainlink community and caught the attention of the crypto world. Market observers anticipate that Staking v0.2 will increase investor interest in LINK in the medium and long term, ultimately leading to a rise in the altcoin’s price.