Chainlink (LINK) Holders, Be Careful! Massive LINK Unlocks Ongoing

Massive token unlocks typically have a negative impact on token prices. Most altcoins have seen at least some gains for their holders this week

Chainlink (LINK) holders should be aware of the ongoing token unlocks, as they can have a significant impact on the token's price. According to SpotOnChain, around 18.75 million LINK tokens, valued at $215 million, were unlocked from Chainlink's non-circulating supply contracts four hours ago.

Of the unlocked tokens, 18.125 million LINK (worth $208 million) were sent to Binance, while an additional 625,000 LINK tokens ($7.18 million) were transferred to a multisig wallet with the address 0xD50f.

Notably, Chainlink has been unlocking LINK tokens every three months since August 2022. The total amount unlocked so far is 145.75 million LINK, which is equivalent to about $1.5 billion.

Of these unlocked tokens, around 126 million LINK (approximately $1.28 billion) were directly deposited to Binance at an average price of $10.13. Interestingly, despite these massive unlocks and deposits to centralized exchanges, the LINK price has managed to remain stable or even increase following these events.

Chainlink still has a substantial reserve of 372.75 million LINK tokens (worth about $4.27 billion) spread across 24 non-circulating contracts. This suggests that further unlocks may occur in the future, potentially impacting the token's price and supply dynamics.