The Chainlink price dropped about more than 3% percent but no one was able to identify the reason behind such fall and the Chainlink crypto is always ever demanding from the traders view. While other crypto coins like Bitcoin , Ethereum and Cardano Ada and the likes started falling Chainlink crypto presented a slight rise in prices and also triggered volatility.
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Potential Causes of Falling of Chainlink Crypto Price Today
Right from $14 the marketcap of the coin fall by 1.6% on 22-6-2024 , the probable reason behind is unlocking of a unique token reveal from the platform where the company revealed to release about 21 million Chainlink – LINK Tokens in the coming months which shall worth about $295 million . All these tokens would be non-circulating and would be a fresh issue.
While the investors and the traders of Chainlink Crypto are of the view that this unlocking of new tokens would expand the supply of the coins and would also impact the price of the coin which all have seen in the dip which is in the view of the current Chainlink holders to reduce their wealth in the coming week.
How Platforms like Binance and Other Crypto Exchanges React on Chainlink Token issue ?
The allocation of the new revealed of tokens would be done through Binance where out of 265 million USD , Binance will provide tokens worth 19 million , LINK through the official platform will issue 2.5 million USD and Multisig platform will issue for a value of 31.3 million usd.
The above official notifications from the portals has led to reduce in the price of current LINK. The previous release of the platform to binance was a huge success where 108 million USD worth of tokens were sold through Binance at an average of 10 USD per link.
How LINK price moved after the CHAINLINK Reveal ?
While the current holders of link which are around 391 million kept a stable trust on the token and does not let the price of the Chainlink token to move down .
Image Source : Coinmarketcap.com
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What’s the Upcoming Plan of Chainlink for 2024 ?
The release of LINK Tokens not only increased supply of the LINK Tokens but also created an image in the minds of investors and traders for a fishy movement in prices of the existing tokens . The increase in supply has substantially led to increase in pressure on the current token pricing.
The trading volume of the coin is also keeping a pace to regain its losses from 13$ to back to 14$ per LIST Coin pricing .
Note : This is not a price recommendation to buy Chainlink , but only few updates about developments in the coin industry especially the Chainlink token .
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