LINK Shows Extremely Suspicious On-Chain Activity as Largest Amount Since Genesis Gets Moved

LINK volumes shifted by whales have nearly soared above 2017 record high when LINK trading opened for first time ever

80.8 million LINK on the moveâ5-year record almost broken
LINK getting drained from exchanges en masse

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Wed, 29/06/2022 - 9:42

LINK Shows Extremely Suspicious On-Chain Activity as Largest Amount Since Genesis Gets Moved

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Santiment on-chain data agency's team have taken to Twitter to share that a staggering cumulative amount of LINK has been moved as the token's price dropped, beating the record set in 2017 after the token's genesis.

80.8 million LINK on the move—5-year record almost broken

The tweet shows that despite a tiny price drop of 4% faced by LINK, on Tuesday, a cumulative 80.8 million unique LINK were transferred. This was the second biggest after the fall of 2017 when a huge amount of native Chainlink tokens was shifted when LINK only started trading.

🔗 #Chainlink saw a mild -4% drop alongside the #altcoin pack. However, one thing stood out... 80.8M cumulative unique $LINK moved addresses Tuesday, breaking a 5-year record. Its opening trading days in September, 2017 were the only time we've seen more. https://t.co/DfBFKRZdMs pic.twitter.com/HMVLXAjrQI
— Santiment (@santimentfeed) June 29, 2022

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LINK getting drained from exchanges en masse

Data provided by another popular on-chain data company, Glassnode, shared by Twitter user @Jay_DCA shows that huge amounts of LINK are being withdrawn from centralized crypto exchanges as, apparently, holders are moving their coins into cold wallets for long-term storage.

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#Chainlink $LINK being pulled off exchanges at record levels. And yeah, it may go lower, this is a bear market after all. But the numbers here are extremely compelling, regardless. pic.twitter.com/WNQAgAXNHF
— Based Crypto Analysis (@Jay_DCA) June 29, 2022

At press time, LINK is changing hands at $6.42 after a nearly 5% drop in the past 24 hours, according to CoinMarketCap.

#Chainlink (LINK) News #Cryptocurrency Whales

About the author

Yuri Molchan

Yuri is interested in technology and technical innovations. He has been writing about DLT and crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. He has written for multiple crypto media outlets. His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.