LINK Shows Extremely Suspicious On-Chain Activity as Largest Amount Since Genesis Gets Moved

LINK volumes shifted by whales have nearly soared above 2017 record high when LINK trading opened for first time ever

The team at on-chain data agency Santiment took to Twitter to share that a staggering cumulative amount of LINK moved as the token’s price plummeted, breaking the record set in 2017 after the genesis of the token.

80.8 million LINK on the move—5-year record almost broken

The tweet shows that despite a tiny price drop of 4% faced by LINK, on Tuesday, a cumulative 80.8 million unique LINK were transferred. This was the second biggest after the fall of 2017 when a huge amount of native Chainlink tokens was shifted when LINK only started trading.

🔗 #Chainlink saw a mild -4% drop alongside the #altcoin pack. However, one thing stood out… 80.8M cumulative unique $LINK moved addresses Tuesday, breaking a 5-year record. Its opening trading days in September, 2017 were the only time we've seen more. https://t.co/DfBFKRZdMs pic.twitter.com/HMVLXAjrQI

— Santiment (@santimentfeed) June 29, 2022

LINK massively empties from exchanges

Data from another popular on-chain data company, Glassnode, shared by Twitter user @Jay_DCA shows huge amounts of LINK being withdrawn from centralized crypto exchanges as holders apparently move their coins into wallets cold for long term storage.

#Chainlink $LINK being pulled off exchanges at record levels. And yeah, it may go lower, this is a bear market after all. But the numbers here are extremely compelling, regardless. pic.twitter.com/WNQAgAXNHF

— Based Crypto Analysis (@Jay_DCA) June 29, 2022

At press time, LINK is changing hands at $6.42 after a nearly 5% drop in the past 24 hours, according to CoinMarketCap.