14 Million $LINK Unlocked, Deposited to Binance

Chainlink ($LINK), one of the famous cryptocurrencies, has unlocked 11th batch of supply today. With this, it has captured investor attention despite current volatility. LookonChain, a crypto analytics platform, has revealed that a non-circulating wallet of $LINK has been unlocked and $14.875M coins have been deposited to Binance. This supply unlock follows a pattern where 9 out of 10 previous unlocks saw $LINK’s price increase within 30 days, suggesting potential bullish momentum ahead.

Chainlink Tokenomics, Current Price Trend, and Market Volatility

The total supply of $LINK is 1 billion coins and out of that, 657M coins have been unlocked after today’s unlock. In addition to the tokenomics, the current price of $LINK is $14.04. The price has moderate volatility, ranging from $13.25 to $14.61 in the past 24 hours. This token’s extreme volatility over the past month, from a -6.71% drop to a +30.50% increase, demonstrates how it reacts to changes in market sentiment. A fully diluted valuation of $14.2 billion, based on the maximum supply of 1 billion $LINK, would put the cryptocurrency’s market capitalisation at $9.07 billion.

$LINK Shows Upward Momentum Within 30 Days

Whenever new supply is unlocked, the price of the subject coin is expected to fall temporarily because of the increased supply and less demand. However, $LINK shows an increase in price within a month, almost 90% times. This pattern may repeat itself if institutional stockpiling keeps up. Recently, the interest of whales in $LINK has increased significantly so it is likely the coin will absorb the latest supply unlock easily.

To conclude the report of Lookonchain, 90% of previous supplies of $LINK saw a price increase within 30 days. This 11th supply unlock of $LINK is also supposed to follow the historical bullish movement of the coin.