The post Chainlink Deposits $207.5 Million Worth of LINK into Binance Exchange appeared on BitcoinEthereumNews.com.

Chainlink Deposits $207.5 Million Worth of LINK into Binance Exchange In a significant move, Chainlink, the decentralized oracle provider, has deposited 18.125 million LINK tokens, worth $207.5 million, into Binance Exchange, according to a report from on-chain analyst @EmberCN on X (formerly Twitter). The deposits were part of a larger transaction where 18.75 million LINK tokens, totaling $214.6 million, were unlocked from five non-circulating supply addresses over the past five hours. In addition to the Binance deposit, 625,000 LINK tokens, valued at $7.15 million, were transferred to a multisignature address starting with 0xD50. Chainlink’s Large-Scale Unlock and Deposits This large-scale token unlock and deposit have drawn attention from the crypto community, particularly due to the substantial amount of LINK tokens involved. The 18.75 million LINK tokens, which were previously part of Chainlink’s non-circulating supply, have now entered the market, with the vast majority being sent to Binance, one of the world’s largest cryptocurrency exchanges. The deposit of $207.5 million worth of LINK into Binance raises speculation about potential sales or liquidity events that could affect the price of LINK in the short term. Large token movements such as these often prompt investors and traders to keep a close watch on the market for signs of increased volatility. Multisignature Address Transfer: $7.15 Million to 0xD50 In addition to the large Binance deposit, 625,000 LINK tokens were transferred to a multisignature address starting with 0xD50. Multisignature addresses are typically used for additional layers of security, requiring multiple signatures to authorize transactions, and are often used by organizations to manage their assets more securely. While the purpose of this transfer is unclear, it may be part of Chainlink’s internal operations or intended for use in partnerships, staking, or other development activities. Implications for the LINK Market The unlocking and deposit of such a…

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Filed under: News - @ September 21, 2024 3:19 pm