Chainlink Whale Transactions Surge 3,373% Amid Token Unlock Event

Chainlink, a decentralized oracle network, experienced a significant surge in whale transactions, with a 3,373% increase in 24 hours, amounting to $762.7 million in value. This spike in large transfers, each exceeding $100,000, marked the highest movement in nearly three months and coincided with broader crypto market liquidations totaling $458 million.

The surge in transactions was fueled by a major token unlock event, where Chainlink’s non-circulating supply wallets deposited approximately 17.875 million LINK, valued at around $149 million, into Binance. This event significantly contributed to the elevated transaction volume and heightened market attention on LINK’s movements.

Blockchain monitoring platforms tracked several large transfers during this period, including a major transaction involving nearly two million LINK, equivalent to over $25 million, moving from an unidentified wallet to Binance. These transfers suggest strategic shifts among large holders in response to uncertain market conditions.

At the time of writing, Chainlink’s price had decreased by 3.13% within the past 24 hours, trading at $12.66. This price drop aligns with the general market trend, as several major cryptocurrencies experienced declines. The liquidations, totaling $458 million, further evidenced the market’s volatility.

Adding to the market’s complexity, Federal Reserve officials recently indicated potential interest rate cuts in July due to declining inflation. While markets initially reacted positively, the trend reversed amid overriding economic concerns. This macroeconomic sentiment further pressured the crypto market, contributing to the liquidations and price drops observed.