The Uniswap (UNI) team wallet witnessed notable activity on July 19, with a significant sale amounting to $10 million in tokens. This transaction is part of a broader activity in July, where approximately $50 million worth of 5.98 million UNI tokens were sold from a specific address.
Who are the Uniswap Whales?
SpotOnChain’s analysis revealed that the wallet address ending in ‘0x63b’, which originally received 9 million UNI tokens in September 2020, was pivotal in these transactions. The distribution of these tokens originated from the team’s allocation, including investors and advisors, as per the project’s tokenomics. This substantial sale did not deter other large holders, known as whales, who quickly bought up the available tokens.
Why No Price Drop?
Contrary to expectations, the sales did not lead to a price decline, which was well-received by investors. The data showed that the ‘0x63b’ address transferred 5.98 million UNI to Coinbase Prime at an average price of $8.26 on July 4, translating to $49.4 million. On a single day, a notable transaction involved 1.21 million UNI worth $9.64 million.
Key Observations
The transfer to Coinbase Prime prompted four whale addresses to withdraw 1.04 million UNI to mitigate any negative impact on the altcoin. Highlights include:
- 85% of the 1.21 million tokens sold were acquired by whale addresses.
- The whale actions underscore the significant interest in UNI.
- This activity highlights the robustness of UNI in the market.
These factors illustrate the ongoing appeal and market resilience of Uniswap’s native token.
Uniswap (UNI) Price Analysis
Despite robust whale buying, UNI has experienced a 20% drop over the last 30 days, trading at $7.84 at the time of writing. The token also saw a 5% decline over the past week. However, the 24-hour price movement showed a positive trend, with market volume reaching $4.73 billion and a trading volume surge of 17% to exceed $144 million.
Uniswap maintains a prominent position among decentralized exchanges, significantly impacting its token’s performance. Nonetheless, it remains 82% below its all-time high of $44.97.