The crypto network chain link (LINK) today unlocked a mega amount of Chainlink tokens worth $341 million. Over the past day, the cryptocurrency has fallen by several percent, which may be related to the unlocking. In the past week, the popular coin is still up by tens of percent.
The network unlocks a huge amount of Chainlink tokens
Accordingly Data from SpotOnChain The Chainlink network has unlocked a huge amount of tokens. These are 19 million units with a total value of no less than $341 million. Of this, 15.95 million units ($287 million) were sent to the crypto exchange Binance and 3.05 million units ($54.3 million) to a Multisig wallet. This is a commonly used storage for companies and/or organizations.
The unlocking is Part of a longer series. As of August 2022, the Chainlink network has issued a total of 106 million Chainlink tokens. Taking the average price into account, the total price is $960 million. However, Chainlink has seen a significant rise recently. At the current price, 106 million LINK tokens would be worth a whopping $1.9 billion.
Chainlink total market cap is now $10.6 billion. Additionally, the coin has an impressive trading volume of $930 million, making it the seventh most traded token. On the Dutch crypto exchange Bitvavo Chain links are also popular. It is the fourth most traded cryptocurrency there.
Cryptocurrencies are successful
The day before yesterday the coin fell through Resistance zoneand headed strongly towards $19. This level was almost reached, but the price recovered at $18.75. Currently, a Chainlink token sells for $18. In the last week the price has increased by 25.9% and in the last month it has increased by 14.4%. However, this pales in comparison to last year’s increase; this is at least 150%.
Chainlink is not the only one to have unlocked a large amount of tokens. Ripple’s coin, XRP, is also being issued in large quantities as part of this Trust Program. It amounts to no less than a billion units per month. However, not everything comes directly to the market; Often 900 billion parts simply end up back in the warehouse. XRP tokens will be unlocked by February 2027.
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