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.

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.