In a recent development within the chainlink ecosystem, on June 21, cryptocurrency acquisition contracts were unlocked, releasing 21 million non-circulating tokens valued at around $300 million.
This significant increase in the supply of LINK could have economic implications that might impact the token’s price amidst the liquidation process. According to a report by SpotOnChain, on June 21, 18.75 million of the unlocked tokens were transferred to a deposit address on the cryptocurrency exchange Binance. This move indicated the team’s intention to sell nearly 265% of the newly inflated supply immediately, amounting to $88 million.
Additionally, 2.25 million tokens were sent to the multisig wallet 0xD50f through the LINK contract, which holds over 6 million LINKs.
“21 million $LINK ($295 million) has been unlocked on Chainlink. Non-circulating supply contracts have been active for approximately 3 hours, including: • $LINK 18.25 million ($264 million) for Binance. 2.25 million $LINK ($31.3 million) for Multisig 0xD50f. Notably, Chainlink has unlocked 127 million $LINK and sent 107.7 million $LINK to Binance at an average of $9.89 since August 2022. There are still 391.5 million $LINK ($5.4 billion) in 24 contracts. The price of $LINK seems to have held up well after the unlocking!” the report revealed.
In the past 24 hours, 18.77 million Chainlink tokens, valued at approximately $256.20 million, were sent to cryptocurrency exchanges, as observed by analyst Ali Martinez. At the time of publication, the price of Chainlink was $13.63, showing a 5.6% increase in the last 24 hours.
Chainlink is an open-source oracle network that connects smart contracts with external data sources, serving as a link between blockchain platforms and real-world data to ensure the accuracy and reliability of data inputs into smart contracts.
Experts on the Coinpedia platform predict that by 2030, Chainlink could reach a price range between $213.1 and $253.51. Additionally, Changelly predicts that by the end of 2025, Chainlink could reach minimum and maximum prices of $30.69 and $38.26 respectively. By 2030, the price of Chainlink could range from $196.53 to $244.09.
However, various industry analysts have differing opinions on Chainlink’s future price. Ambcrypto.com predicts that by 2030, Chainlink could reach a price range of $40.30 to $60.45.
Disclaimer: The views and opinions expressed in this article are for informational purposes only and do not constitute financial or investment advice. Investing in cryptocurrencies carries a risk of financial loss.
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