Chainlink Whale Transfers 403,000 LINK to Binance Amid Market Decline
A significant investor in Chainlink has raised concerns over potential sell-offs by transferring 403,000 LINK tokens to Binance. This move follows a year of accumulation where the whale withdrew a total of 1.75 million LINK, valued at around $12.3 million, from Kraken.
Key Details
- The transfer occurred after the whale began selling on May 27, generating approximately $5.87 million.
- Total realized gains for the whale now stand at about $12 million, down from a peak of $39 million due to market downturns.
- Chainlink saw a recent price increase of 9%, reaching around $14.88, but has since dropped 2.99% to $13.74 following the whale's activity.
- The whale still holds 1.35 million LINK, valued at $18.6 million, which could indicate further selling risks.
- The overall crypto market experienced a 5% decline over the past week, prompting profit-taking among investors.
- Ronin Bridge has migrated to Chainlink’s CCIP, moving $450 million to enhance cross-chain security.
Market Sentiment
The whale's strategy is seen as part of a broader trend, with some investors interpreting it as a cautious exit after holding the tokens for over a year. Despite the fluctuations, LINK remains above a critical support line established in June 2023.
Emerging Competitor
Snorter Token, linked to a Telegram-based trading bot designed for meme coin trading, has gained traction, raising nearly $450,000 shortly after its launch in May 2025. The bot claims 85% accuracy in scam detection and offers various incentives for token holders.