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Highlights
- Uniswap whales might be taking profit after its weekly growth of more than 75%
- Per on-chain data, some of these whales might be connected to the team
- Crypto world remains unstable with unforeseen price swings
It appears that the exciting Uniswap (UNI) rally may be elapsing as some wallets have been seen selling out their holdings.
Uniswap Soars With Likely Profit Taking Underway
According to data from blockchain analytics firm Lookonchain, a Uniswap team wallet sold off a total of 90,000 UNI tokens for approximately 1.03 million USDC at $11.48 per unit. Notably, this was after the price of the UNI token increased by more than 76% over the past week.
Before this time, the wallet had received up to 5.44 million UNI which would have been valued at about $60.8 million based on the current price of UNI at $11.18. However, there are only about 926,000 UNI left in the wallet and this is worth only around $10.5 million.
A #Uniswap Team/Investor/Advisor wallet sold 90,000 $UNI for 1.03M $USDC at $11.48 after the price of $UNI increased.
The wallet received 5.44M $UNI($62.46M currently) and currently holds 926K $UNI($10.63M).https://t.co/KeUS01V54g pic.twitter.com/SaCDjfnnf8
— Lookonchain (@lookonchain) February 24, 2024
Since December last year, UNI has held up strong with a price rally which continued into the new year. In December alone, the token registered up to a 50% increase that ended up pushing its price towards the $10 mark. At the time, it was said that UNI had no prominent resistance in its immediate path, hence the possibility of hitting $10 was seen as achievable.
The focus was therefore to get UNI toward its next significant target of $11.283. The Uniswap rally has remained consistent in the last few weeks, especially with the announcement of the upcoming Ethereum’s Dencun upgrade. Similarly, the trading volume for UNI has also demonstrated a substantial rise by more than 60% to cross the $2 billion benchmark.
DeFi Protocols Feeling the Ripple Effect of UNI Rally
On one hand, the Uniswap rally has contributed to a Decentralized Finance (DeFi) boom across several protocols. Particularly, on-chain data provider Santiment highlighted a shift in focus from the Artificial Intelligence (AI) craze to the burgeoning DeFi sector. UNI’s rally triggered a ripple effect which equated to an increase in value in assets like $COMP, $SUSHI, and $AAVE.
Trading volumes across these DeFi protocols have also experienced a surge in the values. For instance, a few days ago COMP’s price was seen to go high with its trading volumes shooting up 411% to more than $175 million. The same was seen for the SushiSwap (SUSHI) price which surged by 27% while the trading volumes shot up by a staggering 153%.
The recent transfer of UNI by the Uniswap team is not certain to mean a selloff but it is obvious that the rally of the token has contributed significantly to a likely push to take profit and a correction in the near term cannot be ruled out.
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