UniSwap (UNI) Token Price Action To Monitor
- WBOYOriginal
- 2024-07-12 09:21:38606browse
A significant transfer was observed today from a Uniswap-related wallet, which moved 2.359 million UNI tokens, worth approximately $20.2 million
A large transfer of Uniswap (UNI) tokens was observed today, sparking interest among the crypto community.
According to a tweet by Spot On Chain, a significant transfer of 2.359 million UNI tokens, valued at approximately $20.2 million, was made from a Uniswap-related wallet to Coinbase Prime.
Out of the transferred amount, 2.338 million UNI, valued at about $19.9 million, were absorbed by 12 different wallets.
This large-scale movement of UNI tokens has raised questions about its potential impact on the token's price.
However, Spot On Chain suggests that this transfer is likely part of an internal distribution or an over-the-counter (OTC) deal.
Such transactions are typically conducted away from the public market to avoid affecting the token's spot price.
Furthermore, the transaction details on Etherscan show that the tokens are being moved from the team, investor, and advisor wallet.
As of the latest block, there are still 6.64 million UNI tokens, roughly $55.2 million, remaining in this important wallet.
This substantial reserve indicates that the project’s stakeholders still hold a significant amount of the token, which could potentially influence future market dynamics.
Meanwhile, UNI's market performance has seen a 7% decline today, dropping below the $8 mark and currently trading at $7.99.
This decrease in value comes amid broader market trends affecting many cryptocurrencies, which have experienced losses in recent days.
As the dust settles on this large transfer, investors and market watchers will be keeping a close eye on how these tokens are utilized by the new wallet holders and whether this will have any longer-term impact on UNI's market performance.
For now, the market remains cautious, with UNI's recent price drop mirroring the overall bearish sentiment across the crypto sector.
The Block quick take: A large transfer of 2.359 million UNI tokens from a Uniswap-related wallet to Coinbase Prime was observed today.
The transfer, valued at about $20.2 million, saw 2.338 million UNI, worth approximately $19.9 million, being absorbed by 12 different wallets.
This movement is likely part of an internal distribution or an over-the-counter deal, which is being carried out to avoid impacting the token's spot price, according to Spot On Chain.
This story is developing. Check back for updates.
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