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Over 18 million LINK tokens were transferred to the Binance exchange.
LINK has dropped by less than 1% in the last 24 hours.
As a seasoned researcher with an eye for detail and a heart for cryptocurrencies, I find myself intrigued by the latest developments surrounding Chainlink (LINK). It seems that LINK has been leading the charge among ERC-20 tokens in terms of development activity over the past 30 days, which is quite impressive given its competitive landscape.
Over the past month, it appears that Chainlink [LINK] has been the busiest when it comes to development among Ethereum-based tokens (ERC-20).
Meanwhile, some captivating figures show that a substantial amount of LINK tokens were moved to an exchange within the past day, which might be a hint of upcoming market activity.
Chainlink dominates development activity
Over the last month, Chainlink’s development activity has been the most active among all ERC-20 tokens, surpassing Ethereum and other significant crypto assets, as indicated by recent data from Santiment.
624 development projects were logged by LINK, compared to approximately 298 for Ethereum, which ranks as the second most active in terms of development activity.
It appears that LINK‘s growth in development has been increasing steadily following a significant decline towards the end of July.
Following a dip down to about 38, the team’s progress has swiftly picked up, now standing at roughly 212 – a testament to their continuous advancement.
Chainlink unlocks millions of tokens
Based on information from Etherscan, Chainlink has made available and moved 18.75 million LINK from five stationary supply wallets. Additionally, an equivalent of around 18.125 million LINK or approximately $207 million was sent to Binance.
The process of unlocking this token is a regular event in Chainlink’s quarterly timeline, occurring approximately every three months, with around 20 million LINK being transferred during these cycles.
Beginning from 2022, this project has made available around 133.4 million LINK, worth a total of $1.29 billion, during eight separate instances. Remarkably, seven of these events were preceded by price increases within just one month after the unlock event.
To elaborate, the recent unlock event noticeably influenced the flow of LINK on trading exchanges. As per information from CryptoQuant, LINK experienced a substantial positive netflow exceeding 11.4 million tokens – the largest since June – concurrently with a major token release.
LINK shows signs of an uptrend
Currently, Chainlink’s price is hovering around $11.360, showing a minor dip of almost 1%. Contrastingly, in the last trading session, Chainlink closed at roughly $11.439, signifying an increase of more than 2% over that period.
According to AMBCrypto’s assessment, Chainlink (LINK) has been experiencing a significant upward trend, surpassing the 50-day moving average (represented by the yellow line).
Based on past patterns after token releases, LINK might continue to rise significantly over the next few weeks.
The increase could allow it to retest its 200-day moving average (blue line). It currently serves as a longer-term resistance at around $14.
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2024-09-22 01:11