Brace yourself as new LINK tokens perpetually flood the market. Chainlink, as part of its periodical unlocks, recently unlocked 21 million LINK tokens, valued at $295 million, from five of its non-circulating supply contracts.
As noted by Spot On Chain, the majority of these tokens were sent to crypto exchange Binance, prompting speculation as to whether this could cascade into a dip in the price of Chainlink. These speculations have been further escalated, considering that Chainlink hasn’t been left behind in the wider market decline and is currently on an 8% decline in the past seven days.
LINK Continues Slipping Amidst Token Unlock
Like many crypto tokens, Chainlink has a token unlock schedule that ensures an annual LINK release rate of approximately 7% of the total circulating supply. The recent unlock saw the number of LINK tokens in circulation cross above 600 million for the first time. Immediately after the…
