Massive sell-off as Chainlink unlocks $300 million of LINK, sends to Binance
On June 21, Chainlink (LINK) vesting contracts unlocked 21 million non-circulating tokens worth nearly $300 million. This amount represents significant supply inflation, with notable economic effects that may impact its price as a sell-off occurs. According to a SpotOnChain report, the team sent 18.75 million of the unlocked amount to a Binance deposit address. Hence, showing intent to sell nearly 88% of the inflated supply immediately, at a $265 million market value by reporting. Moreover, the contract sent 2.25 million LINK to the multisig wallet 0xD50f, currently holding over 6 million LINK. This non-circulating supply address still has 391.5 million LINK for future unlocks , worth $5.4 billion, representing a threat. Picks for you 2 cryptocurrencies to reach $100 billion market cap in July 17 hours ago ...