Report: Chainlink project team sells part of their LINK coins
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Answer Report: Chainlink project team sells part of their LINK coins
Chainlink developers sold nearly $40 million of their LINK coins this month, according to to report New sales tracking.
Chainlink developers seem to move 500,000 LINK coins every week, some of which go to Binance while others go to over-the-counter (OTC) platforms.
In the image above it appears that there is an automated setup process for a trading bot where 8000 LINK has been sent to Title Binance a few days ago to enter another 8000 LINK afterwards.
The transactions referred to above are moved to and from Binance, where the process continued on a weekly basis in this way until reaching 500,000 LINK.
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There is also a sale of 432,000 LINKs, which is shown in the image above, where this amount was eventually divided into parts of 1,000 or 2,000 LINKs, which appear to be different from the movement of 8000 LINKs.
It is possible that all of this money will go to liquidation on the Binance platform.
As the price of LINK coin has risen, the old investors in the coin as well as the project developers are selling at an increasing pace with the price rising more to the top.
For the record, about 4 million LINKs were sold in the past ninety days, with the price changing over the past period, and according to the report, the value of the sale was estimated at about $60 million.
This is not the first time the Chainlink development team has made a sale as the same thing happened in August of last year.
If we look at the total volume of the LINK coin, we find that it is set at 1 billion LINK, divided as follows:
- 350 million LINK for trading.
- 350 million LINK closed.
- 300 million LINKs divided into 6 sections (each section is 50 million LINKs) intended for developers.
Each of these 50 million LINK hashes remain intact except for the ones we referenced above.
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It is likely that these belong to the developers of Chainlink as a whole and not to any specific individual.
It is not clear what they plan to do with all this money.
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