- Uniswap Foundation sold approximately $29 million worth of UNI in the past 48 hours.
- UNI’s price has commenced a decline but still trades around $4.
Uniswap [UNI] experienced a significant price surge in the past few days. Alongside the rise in the price of UNI, there has also been a noticeable occurrence of selling from an unusual address, suggesting a potential dump.
– How much are 1,10,100 UNIs worth today
Uniswap Foundation cash in on UNI
On 25 October, Lookonchain shared a noteworthy transaction via Etherscan. The Uniswap Foundation conducted this transaction, transferring 6.8 million UNI tokens valued at $29.16 million to a new address. This recent action followed another move observed on 23 October when the foundation sold 3 million UNIs, worth $13 million, on the Kraken exchange.
Furthermore, these sales occurred during a period when UNI’s price was experiencing a positive trend, suggesting a sell-off strategy. Given these latest developments, the market may be poised for another sell-off. How might this impact the price trajectory of UNI?
UNI’s price uptrend comes to a halt
When examining the daily timeframe chart of Uniswap, we can see that it recently enjoyed several consecutive days of upward trends. Thus, propelling its price above the $4 mark. However, at the time of writing, the price began to retreat.
Before this decl
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Author: Adewale Olarinde
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