Highlights
It appears that the exciting Uniswap (UNI) rally may be elapsing as some wallets have been seen selling out their holdings.
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.
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.
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.
Shiba Inu’s Layer 2 network, Shibarium, has returned online following a $4 million exploit that…
FLOKI has announced the launch of the first BNB chain exchange-traded product (ETP) in Europe.…
Binance Coin (BNB), the native cryptocurrency of BNB Chain, has surged another 8% today, moving…
Trump’s real estate portfolio is set to go on-chain amid World Liberty Financial’s announcement of…
Despite the broader crypto market consolidation, ASTER token is outperforming with 14% gains in the…
MetaMask, Consensys’ Web3 wallet, is set to introduce a reward points system for on-chain activities.…