ChainLink transactions into Binance reach $16 million indicating a bullish trend?

The value of the Chain Link (LINK) transactions into the Binance, which is a crypto exchange has hit an all-time high of $16 million. This was reported by Glass node, who also made the following tweet:

In the last 24-hours, there have been 5,000 LINK transfers into Binance which indicated this value of $16 million was transferred from 5,000 LINK into the exchange. It is to date, the largest inflow, in terms of volume.

The high influx from LINK suggests a local top

The magnitude of $16 million in LINK flowing into Binance, indicates the possibility that LINK investors are about to sell.

The number of ChainLink (LINK) investors has doubled since the beginning of 2020

Since the number of ChainLink (LINK) investors has doubled since the beginning of 2020, there might be a chance that the LINK’s pending correction might be a slow one.

According to the team at Flipside Crypto, the surge in LINK holders can be linked to the fact the project has just been launched and the investors are investing in as a means of speculation. They explain:

Mapping out the distribution of LINK’s active supply shows that most of the activity is happening between users and exchanges…

The fact that users are trading their tokens on exchanges reflects the token’s increasing value. The protocol is still young and has already inked cross-industry partnerships with Google and Tezos for example

Moreover, ChainLink (LINK) is flourishing in the crypto markets because of De Fi boom:

…a lot of LINK was deposited on decentralized lending platforms. A good example of this is the Aave platform, which currently holds $34M in LINK for users to borrow and pay interest on.




Zahra Iqbal

Zahra Iqbal has done her graduation in mass communication. She enjoys article writing through the lens of her journalists' skills. She has 4 years of experience in technical writing by working with renowned blogs. Recently, she has joined the with the aim to make a difference with her analytical skills.

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