According to on-chain data, Chainlink (LINK) recently completed a massive token unlock. The data reveals that 18.75 million LINK tokens, valued at $215 million, were unlocked from Chainlink’s non-circulating supply contracts.
$208 Million Sent to Binance
Of the unlocked tokens, 18.12 million LINK, worth approximately $208 million, were immediately transferred to Binance as soon as the tokens were unlocked. An additional 625,000 tokens, valued at $7.18 million, were sent to the Multisig 0xD50f wallet.
Since August 2022, Chainlink has consistently unlocked tokens every three months, releasing a total of 145.75 million tokens worth $1.5 billion. Out of this, 126 million tokens, valued at $1.28 billion, were sent directly to Binance at an average price of $10.13 per token.
Stable Price Despite Unlocks
At the time of writing, LINK is trading at $11.30, maintaining stability despite the large token unlocks and significant deposits to centralized exchanges. Interestingly, Chainlink has seen price surges following past token unlock events, which suggests that the token releases have not negatively impacted its value.
Additionally, developers still hold 372.75 million LINK tokens, valued at $4.27 billion, spread across 24 different wallets.
What’s Next for Chainlink?
As Chainlink continues its token unlocks and transfers to Binance, the stability in LINK’s price remains a notable aspect. With such a large portion of the tokens unlocked and held by developers, investors are keen to see how future releases will affect the market.
