Over the last 24 hours, UNI, the native token of the Uniswap DEX, suffered a significant decline amid the Bitcoin-led crypto market rally. During yesterday’s brief surge, UNI reached a daily high of $11.26. However, UNI dropped to $10.63 earlier today, losing approximately 6% of its value.
Lookonchain, the crypto analytics firm, suggests that large-scale whale activity may have influenced Uniswap’s price crash. Lookonchain revealed that a major UNI investor sold 606,088 tokens, realizing a profit of $7.08 million. According to the firm, this substantial sale triggered UNI’s price drop earlier today.
In the past 2 hours, this whale sold 606,088 $UNI($7.08M), causing the price of $UNI to fall by 4%.
He has withdrawn 1.3M $UNI($13.7M) from #Binance at $10.54, and currently has 696,808 $UNI($7.46M) left in 3 wallets, with a total profit of ~$800K.
Address:… pic.twitter.com/dPx6XGiIrP
— Lookonchain (@lookonchain) June 6, 2024
Additionally, the analytics service reported that the whale had previously withdrawn 1.3 million UNI, valued at $13.7 million, from the Binance exchange. Currently, the whale holds 696,808 UNI, worth $7.46 million, across three wallets. Lookonchain estimated that this investor netted a profit of approximately $800,000 from their recent UNI sale.
Prior to the recent UNI token sale, the market tracker noted that this whale had purchased a total of $28.75 million worth of Ethereum ecosystem tokens from Binance in late May. These purchases included 858,069 UNI worth $8.7 million, 4.04 million LDO worth $9.3 million, 71,190 AAVE worth $7.4 million, 82,041 ENS tokens worth $2 million, and 250,969 FXS worth $1.25 million.
While UNI’s price hovers around $10.77 at press time with limited signs of recovery, the asset has retained over 38% of its gains accrued in the last 30 days. Meanwhile, another bearish factor for UNI is the upcoming unlock of 8.33 million tokens, valued at over $90 million, from the Uniswap treasury for advisors, teams, and investors.
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