Uniswap (UNI) team wallets experienced significant activity, with a $10 million token sale on July 19. Considering the recent sale, it was noted that approximately $50 million worth of 5.98 million UNI was sold by the mentioned address in July.
Uniswap Comments and Whales
In an analysis by SpotOnChain, the address with the ‘0x63b’ extension, which received 9 million UNI in September 2020, was at the center of the events. The information shared by the platform revealed that the mentioned token distribution came from the group belonging to the team/investors/advisors as stated in the project’s tokenomics.
Nevertheless, SpotOnChain explained that the sales attracted the interest of other Uniswap whales, who quickly purchased the tokens. The fact that the sales were met with demand and did not cause a price drop received great praise from investors.
According to the obtained data, the wallet address with the ‘0x63b’ extension sent 5.98 million UNI to Coinbase Prime at an average price of $8.26 on July 4, resulting in a value of $49.4 million. Notably, in the latest investment transaction, 1.21 million UNI worth $9.64 million was processed in a single day.
Following the transfers to Coinbase Prime, four whale addresses moved and withdrew 1.04 million UNI, preventing the process from harming the altcoin. This showed that 85% of the 1.21 million tokens sold by the Uniswap team were purchased by these addresses alone. This situation once again reflected the existing interest in UNI.
Uniswap (UNI) Price Analysis
Meanwhile, Uniswap continues to find buyers at the $7.84 level at the time of writing, following a 20% drop in the last 30 days. In addition to the monthly decline, UNI’s 7-day drop was 5%. Despite the whales purchasing UNI, a price drop was observed.
The positive outlook in UNI’s 24-hour price movement was also reflected in the market volume, which rose to $4.73 billion. The trading volume exceeded $144 million after a 17% increase.
While it is known that Uniswap’s frequent top position among decentralized exchanges has a significant impact on its native token, it is also important to remember that it is still 82% away from its all-time high of $44.97.
