Chainlink rises 320 percent and insiders could be preparing to dump it

Chainlink has been in the spotlight since Google announced that it was integrating it into its cloud-based services, further surging after Coinbase Pro and Coinbase revealed listing.

In a matter of sixteen days LINK's value rose 320 percent from $1.11 to $4.64, and now on-chain transactions suggest that the company is getting ready to profit from the surge.

Shortly after the blog post was published, Chainlink's LINK token skyrocketed 77.42 percent within 60 minutes even though there was no announcement of an official partnership between the two companies.

A similar effect was seen on June 26 when Coinbase Pro disclosed that it will be listing this altcoin on its platform, taking it up 23.30 percent within a few hours, and on June 28, when Coinbase also added the coin, taking LINK up another 104.49 percent within 24 hours.

The entire upswing that LINK experienced over the last month since Google's blog post totals 320 percent.

The transactions indicate the team is selling its initial token allocation, which would increase the circulating supply of LINK by 0.4 percent.

CryptoSlate reached out to Chainlink for clarity on the token movement and has yet to receive a response.

One commenter in the Chainlink community had a more critical theory about the transactions, suggesting that the company was inflating the price with "Fake news and propaganda" to profiteer.

The whitepaper details that 30 percent of Chainlink's funds are meant for the project's future development.

A move below the 38.2 Fibonacci retracement level that sits around $3 on the 3-day chart could take LINK's price down to the 50 or 61.8 percent Fibonacci retracement level, which is at $2.5 and $1.9 respectively.