A Major Token Unlock Took Place Today on an Altcoin
Another Chainlink token unlock has taken place, a quarterly event. According to on-chain data, approximately 21 million LINK were transferred from four non-circulating supply addresses belonging to Chainlink about 3 hours ago.
The current value of these tokens is estimated at approximately $166 million. 18.37 million LINK tokens, worth approximately $145 million, were transferred to the Binance exchange. The remaining 2.625 million LINK tokens, valued at approximately $20.8 million, were transferred to a multi-signature address starting with 0xD50…8Af.
Related News: Binance Founder CZ: “If Satoshi Nakamoto Doesn't Move His BTC, His Coins Should Be Frozen”
It is known that approximately 10 million to 20 million LINK tokens are unlocked from Chainlink’s off-circulating supply addresses each quarter. In these transfers, the majority of tokens are usually transferred to Binance, while a smaller portion is sent to the address 0xD50…8Af.
It is stated that some of the LINKs transferred to the address in question were later redirected to the LINK staking reward distribution agreement and used to pay rewards to staking users.
*This is not investment advice.
Continue Reading: A Major Token Unlock Took Place Today on an Altcoin
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