A Chainlink whale’s massive transfer to Binance sparks selloff fears amid a broader market decline.
By Godfrey Benjamin
Editor Godfrey Benjamin
Updated
4 mins read
A large Chainlink LINK $13.22 24h volatility: 3.8% Market cap: $8.69 B Vol. 24h: $471.03 M investor has triggered fresh selloff concerns in the crypto space after moving many LINK tokens to a major exchange.
The sudden activity has sparked speculation about future price movements, especially as the broader market faces a downturn.
A crypto whale with a longstanding history involving Chainlink recently transferred 403,000 LINK tokens to Binance.
This move came after a year of steady accumulation, during which the whale withdrew a total of 1.75 million LINK, valued at approximately $12.3 million, from Kraken between March 2023 and March 2024. The tokens were originally acquired at an average price of $7.03 each.
Whale 0x7fBB recently started selling $LINK for profit!
Between Mar 24, 2023 and Mar 25, 2024, the whale withdrew 1.75M $LINK($12.3M) from #Kraken at an average price of $7.03 and held for over a year.
Since May 27, he has deposited 403K $LINK($5.87M) to #Binance and still… pic.twitter.com/m3ReQ95bRa
— Lookonchain (@lookonchain) June 5, 2025
Since May 27, 2025, this same investor began selling, generating approximately $5.87 million from the 403,000 LINK tokens transferred to Binance.
The whale’s total realized gains now stand at around $12 million. At one point, these profits had peaked at $39 million, but the recent downturn in the market has significantly reduced those earnings.
Chainlink recently recorded a sharp 9% jump, pushing its price to around $14.88. The token’s 24-hour trading volume increased by 30% to reach $353 million, indicating renewed investor interest.
Chainlink price was trading at $13.74, a 2.99% drop in the last 24 hours. This decline closely follows the whale’s activity, which has instigated market participants and analysts to question whether more selling could follow.
It is essential to add that the remaining 1.35 million LINK in the whale’s wallet is currently valued at $18.6 million. This continues to hang over the market as a possible threat if further liquidation occurs.
The whale decided to move the Chainlink tokens to Binance during a general cooldown in the crypto market.
Over the past week, the entire market has seen a 5% drop in value. Many investors appear to be taking profits after a strong start to 2025, and the whale’s activity is seen as part of this larger trend.
Some crypto watchers believe the whale is making a well-timed exit, especially after holding the tokens for over a year. Others suggest it is a sign of caution and a possible shift in sentiment. Despite this, LINK remains above a key support trendline from June 2023, offering a small sign of stability.
Meanwhile, Ronin Bridge completed migration to Chainlink’s CCIP, which moved $450 million in assets to boost cross-chain security and reliability. These integrations are essential to negate the impact of whale selloffs.
Beyond Chainlink, Snorter Token is making waves. Powered by the Snorter Bot, a Telegram-based trading tool designed for sniping and trading new meme coins on Solana, it skyrocketed by raising over $175,000 within just 24 hours of its May 2025 launch and has now raised nearly $450,000 in total.
The bot features real-time scam detection with an impressive 85% accuracy against rug pulls and honeypots. SNORT, the platform’s utility token, rewards holders with significantly reduced trading fees (0.85% vs. 1.5%), eye-popping staking APYs exceeding 721%, and exclusive access to community airdrops.
The ongoing presale offers users an opportunity to gain early exposure. It spans 60 stages, with the current price at $0.0943.
Snorter is built directly into Telegram. There is no browser, no extra steps, and you can snipe, trade, copy strategies, and track their portfolios without ever leaving the app.
Current Stat:
Early investors can join the presale using wallets like Phantom or directly through the Telegram bot. While Chainlink has a valuable utility as an oracle service, Snorter Bot is also building relevance and early adopters may benefit more in the long term.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
Benjamin Godfrey is a blockchain enthusiast and journalist who relishes writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain media and sites.
