Chainlink Token Unlock Causes LINK Price to Plummet Insiders Dumping to Invest in DeFi Token Valued at 004 During Initial Phase
The price of LINK, like many other cryptocurrencies, is experiencing a decrease today. This is mostly due to the drop in BTC’s price. However, holders of Chainlink are dealing with a significant token unlock, leading many to sell off in order to invest in the next promising DeFi token.
Let’s take a closer look at the impact of LINK’s price and the potential of this new DeFi token.
LINK’s price has declined following a $295 million token unlock
While numerous cryptocurrencies are focused on resolving future issues, Chainlink is concentrating on current challenges. They not only provide decentralized price Oracles that ensure secure crypto swapping but, with their CCIP Protocol, they are positioned to enter the RWA (Tokenisation of Real World Assets) space.
Chainlink is set to facilitate the trading of RWAs by big institutions in an interoperable manner. This will result in increased liquidity, addressing the primary purpose of RWAs. Typically, it is difficult to sell assets like houses or luxury cars. However, by fractionalizing and offering these fractions on the blockchain using Chainlink or another protocol, it becomes easier to sell.
Despite being considered a good investment by many, Chainlink is facing a significant problem. This issue revolves around Chainlink’s price and token unlocks. Cryptocurrencies are usually designed to be deflationary, combating the inflationary nature of fiat currencies. However, it is essential for teams to retain tokens in order to compensate themselves and not sell them all at once. In the case of Chainlink, there is an unusual amount locked, with just 56% of the total supply being unlocked, according to TokenUnlocks.
According to AMBcrypto, 21 million Chainlink tokens have recently been unlocked, leading to fears of a price drop. Of this amount, 18.25 million (worth approximately $295 million) were sent to Binance, indicating a potential future sale by the project.
This token unlock has caused significant FUD (Fear, Uncertainty, and Doubt) in the market, resulting in a 7% decline in LINK’s price on the weekly chart. With many tokens yet to be unlocked, LINK’s price could continue to fall. This is why many DeFi enthusiasts are selling some of their LINK to invest in a new DeFi coin – DTX.
A DeFi token with similar functionality to LINK but with the growth potential of a new project
What makes the new DTX coin so promising? Firstly, it is in the presale stage. New tokens are favorable for two reasons: they are offered at a very low price, providing significant room for growth, and there aren’t other holders who got in at a lower price, waiting to dump on the market, as seen with LINK’s price.
Additionally, DTX Exchange, like Chainlink, is planning to offer a wide range of functionality for current solutions. DTX Exchange is a trading platform that combines the best of TradFi (the ability to trade stocks, bonds, forex, indexes, and more) with the best of CeFi and DeFi (trading crypto and RWAs such as precious metals on the blockchain).
The advantage of DeFi over CeFi is its anonymity. While most CeFi exchanges require KYC, DTX does not. This ensures that your transactions remain private and will not be tracked by governments or other financial entities. This provides privacy and other benefits, such as high leverage and the ability for global participation, regardless of a country’s regulations for TradFi and CeFi trading.
DTX is currently trading at $0.04, having recently seen a 200% increase. It is expected to launch after another 200% gain, potentially signaling the beginning of a highly profitable journey.
Binance, a cryptocurrency exchange giant, had to start somewhere. Their BNB coin has seen over a half a million percent increase from its presale, while DEX (Decentralized Exchange) Uniswap has seen a more modest but still impressive 857% increase from its launch date. With DTX Exchange offering a wider range of functionality than both BNB and UNI, it will be interesting to see how high this coin can go.
To learn more about the presale, visit the website.
