Approximately 17.95 million LINK altcoins worth approximately 95 million USD were transferred to Binance from a wallet address marked “Circulating Supply”. This information was uncovered by Wu Blockchain, a respected Blockchain news outlet. Here are the latest major Chainlink transactions and details…
$95 million altcoin, on the move
In a recent development, approximately 17.95 million LINK tokens worth approximately $95 million were transferred to Binance from Chainlink’s designated wallet address marked “Chainlink”. It was also transferred to Binance from the wallet address marked “Non-Roaming Supply”. The information was uncovered by Wu Blockchain, a well-known blockchain news outlet. The transfer forms part of a total of 21 million LINKs worth approximately $111 million moved from Chainlink’s four official wallets marked as Uncirculated Supply.
Chainlink stated that tokens from the non-circulating supply are employed as subsidies, including as oracle rewards to nodes. https://t.co/a0jpz8epyH
— Wu Blockchain (@WuBlockchain) June 17, 2023
The crypto community was quick to react to this news, expressing mixed feelings about the reasons behind the transfer. However, Chainlink’s Community Ambassador ChainLinkGod promptly addressed the concerns in a tweet posted shortly after the action took place, and provided a statement for the token move.
According to ChainLinkGod, Chainlink is actively working to create a self-sustaining oracle economy where user fees meet and exceed the operational costs of the network’s node operators, coordinators and stakers. Chainlink has decided to create a longer-term and more predictable token issuance schedule to keep the network running smoothly until full sustainability is achieved. Tokens from the circulating supply will be used as “subsidy” nodes, including oracle rewards.
Chainlink is working towards the creation of a self-sustainable oracle economy, where user fees cover and exceed the operating costs of the network's node operators, coordinators, and stakers
To support the network's operation until full sustainability is achieved, Chainlink is… pic.twitter.com/58aLCIv3QE
— ChainLinkGod.eth (@ChainLinkGod) June 16, 2023
Some community members remained skeptical
Despite this statement, the crypto community has expressed skepticism and raised questions about the reasons behind the initiative. Some criticized the move, arguing that it was simply a way of justifying the project to release more tokens. A user named Cato went so far as to compare Chainlink to ICP 2.0, citing the controversial Internet Computer (ICP) project. Similar to ICP, Cato expressed concerns that Chainlink’s continued technological innovation is being overshadowed by the team’s focus on selling discount tokens to individual investors.
-90% already and people buying today after it dropped 90% thinking it can't get worse, don't be surprised when it drops another 40%.
This is ICP 2.0: Yes, there is some technological innovation but the team is mostly concerned with dumping on retail for exit liquidity.
— Cato (@csk00000) June 16, 2023
The comparison to ICP bears weight as ICP faced significant backlash over perceived lack of transparency and concerns over selling pressure from the team on the token price. Cato’s comment highlights fears that Chainlink may face a similar fate as the price of LINK has already fallen by 90 percent. They cautioned against assuming the situation won’t get any worse, and warned against further potential price drops.
