Binance Astounded as $207 Million Worth of Chainlink (LINK) Floods In

Recently, Chainlink’s network (LINK) distributed 18.75 million of its LINK tokens from five non-circulating supply wallets, as tracked by Etherscan.

Close to 18 million LINK were transferred to the Binance exchange, equating to a market value of about $207 million.

Such distributions from Chainlink occur routinely, approximately every quarter, amounting to about 20 million LINK each time. Since 2022, Chainlink has moved about 133.4 million LINK to Binance, totaling roughly $1.29 billion in value.

Chainlink’s total market capitalization has grown to $7,126,165,519. Yet, its price has decreased by 2.68% over the last day. Currently, LINK is being traded at $11.38.

Integration with Metis

Metis, a Layer 2 scaling solution aimed at Ethereum, declared on Friday that it would be incorporating Chainlink’s Cross-Chain Interoperability Protocol (CCIP).

The integration’s aim is to widen the possibilities for developers on the Metis platform, enhancing its cross-chain capabilities for dApp development.

Anticipating a Rally

On Sept. 20, Chainlink (LINK) saw a notable surge in its market price, achieving a peak of $11.72.

However, the recent uptick in price has yet to overcome the late August losses fully, raising questions about LINK’s persistence in climbing past the $12 mark.

Data from the Global In/Out of the Money (GIOM) suggests that roughly 106.89 million LINK tokens, with a combined worth exceeding $1.2 billion, have been acquired in the price range of $11.61 to $13.24. To maintain its recent progress, LINK needs to break through and uphold the $13 level as its new support threshold.