Chainlink Sends $95M in Tokens: Bears Shouldn’t Celebrate Yet

• Chainlink (LINK) recently sent 21 million tokens out of its wallets to an exchange.
• Initially, this caused fear that the tokens were being sold off, but the project clarified that the action was for covering operational costs.
• LINK’s price has been oscillating between buyers and sellers’ dominance, with the Awesome Oscillator indicating a negative outlook at press time.

Chainlink Sends 21 Million Tokens

Chainlink (LINK) recently transferred 21 million tokens out of its wallets to an exchange, leading to fears that it was selling them off. Despite this, LINK’s price managed to increase by 1.20% in the last 24 hours.

Motive Behind Token Transfer

The motive behind Chainlink’s token transfer was not to dump on its community but rather cover fees for coordinators, node operators and stakers as part of its self-sustainable oracle economy.

Bearish Sentiment Overcome By Bulls

At first, bears attempted to bring down LINK’s price from $5.995 to $5.013 on 12 June; however bulls fought back and brought up the price again to $5.346. The Awesome Oscillator (AO) indicated that LINK was oscillating between sellers‘ dominance and buyers‘ desire to control at press time; however it also showed a negative outlook with a value of -0.855.

Sustainability Of Chainlink Network

Chainlink is working towards building a self-sustainable oracle economy where user fees cover and exceed operating costs of the network’s node operators, coordinators and stakers until full sustainability is achieved.

Conclusion

Despite initial fears that Chainlink had sent tokens from its wallets in order to sell them off, it appears that their actual motive was different; they are attempting to create a sustainable oracle network which covers operational costs through user fees rather than relying on external sources of capitalization.. Currently LINK’s price has been oscillating between buyers‘ demand and sellers‘ dominance with AO indicating a negative outlook at press time