Chainlink has unlocked another 11.25 million LINK tokens, valued at $258 million, from three noncirculating supply contracts within the past two hours.
Of this, 10.625 million LINK ($243.5 million) was sent directly to Binance, while 625,000 LINK ($14.4 million) was transferred to a multi-signature wallet to distribute staking rewards to users. These transactions were carried out by the entity known as Chainlink Noncirculating Supply.
This token unlock is part of Chainlink’s regular schedule of releasing tokens every three months since August 2022. To date, the project has unlocked a total of 157 million LINK, worth approximately $1.73 billion. Notably, 136.5 million LINK ($1.52 billion) from these unlocks have been deposited directly to Binance at an average price of $11.10.
Chainlink Price Holds Steady
Despite the substantial token unlocks and centralized exchange (CEX) deposits, Chainlink’s price has shown resilience, remaining stable or even appreciating after each unlock event. This performance defies concerns typically associated with large token unlocks, which often lead to price drops due to increased circulating supply.
Looking ahead, Chainlink still holds 361.5 million LINK tokens, valued at $8.45 billion, across 15 of the 24 remaining noncirculating supply contracts. These reserves continue to provide flexibility for the project’s ongoing developments and user incentives.
Chainlink’s ability to maintain price stability despite massive token unlocks reflects strong market demand and confidence in the project. As the ecosystem expands and staking rewards grow more appealing, Chainlink appears well-positioned to maintain its role as a leader in decentralized oracle solutions.
Disclosure: This is not trading or investment advice. Always do your research before buying any Metaverse crypto coins.