The report of the huge transfer was made available on the official website of Whale Alert and shared with its teeming followers on Twitter.
This huge movement has attracted a lot of reactions from the crypto enthusiasts on the Microblogging platform. Virtually all the responders expect the transfer to affect the price growth of the digital token LINK since the transaction could be termed as a sell-off to Binance.
According to Whale Alert, the transaction was effected on 11th April 2020, at 07:54:55 UTC, from 0xd0813e6cf6f8d43446f0b99e93c322a6523973f7 to Binance exchange.
“1,000,000 LINK (3,340,757 USD) transferred from unknown wallet to Binance,” Whale Alert shared
— Whale Alert (@whale_alert) April 11, 2020
Significance of a Huge Transfer from and to a Cryptocurrency Exchange
In the cryptocurrency ecosystem, it’s generally believed that any huge transaction from an unknown wallet to a crypto exchange implies sell-off, and vise-versa, which is expected to either positively or negatively affect the price of the digital currency in the market.
Cryptocurrency investors and traders that hold a larger percentage of a particular digital asset are referred to as Crypto Whales, and their impacts on the prices in the market cannot be thrown under foot.
Anytime huge movement is effected in the crypto market, people tend to check the price status of their choice digital currencies, believing that there could have been high volatility of prices.
Chainlink (LINK) Records Gains despite the Huge Transfer
Chainlink (LINK), the 11th largest cryptocurrency by market capitalization is still one of the best performers among the top digital currencies, despite the huge transaction.
At the time of filing this report, LINK is trading at $3.24, with a 6.24% price upsurge in the last 24 hours. However, a closer look to Chainlink (LINK) price trend at the moment, indicates that the huge transfer would slightly impact the course of the digital currency in the market.