After becoming the most valued cryptocurrency in the last year, Chainlink developers finally decided to make around $ 40 million in profit this month, according to the analysis of Trust Nodes blockchain.
They still seem to be moving another 500,000 LINK each week, with some going to Binance while others may go over the counter (OTC) and then to Binance.
The direction above allegedly received the funds through what appears to be an automated bot setup, based on the analysis. By tracing the origins of these funds, Trust Nodes ended up reaching this address:
The analysis found what it called "a stop address for developers," 8,000 LINKs were sent to this address six days ago and then stayed there for four days.
In other words, it could very well be all the funds that went to Binance. So:
This is an address that goes through 500,000 weekly moves, and they all look almost the same.
Following the first entry transaction on the list, of 432 thousand LINKs, it is noticed that it is divided into parts of 1000 or 2000 tokens, which, like the 8k address above, do not seem to move any more.
So the analysis looked for more and more examples and ended up finding this 8k address that was taken to Binance. According to Trust Nodes, it may well explain why the other funds are mixing and splitting, preparing to sell even more.
Taking a step back, there is a middle direction that seems to say a lot about the move:
And the more the price of ChainLink goes up, the developers increase the frequency of the alleged sales. Nearly 4 million tokens were sent to this address in the last 90 days, varying the price of each shipment, but probably around R $ 330 million.
Are they abandoning ship?
During that flat line, there was another direction doing this eviction, coincidentally in the same month last year and also in August, when about 500 million of market value was wiped from Chainlink during developer evictions.
During the final stage of the initial token distribution, approximately six addresses can be seen:
350 million have been distributed to the public, 350 million have been blocked and then we have 300 million for developers divided into 6 sets of 50 million.
All of them keep the 50 million intact, except for two analyzed by the company, one of which is the first one listed above and the one that begins with "0xdad."
Finally, the company argues that everything indicates that this movement is the realization of profits by the developers:
“It is likely that they belong to the Chainlink developers as a whole, and not to a specific individual, as the actions appear to be very uniform.
As it is not clear what they plan to do with all that money, we assume that they bought yachts and lamborghinis last year.
His work, however, does not seem to be close to stopping, as his updates to the code of the cryptocurrency.