Key Takeaways
- A wallet belonging to an early Uniswap investor dumped 512,440 UNI tokens, worth $3.64 million, into Binance.
- The wallet had been dormant for 5 long years, according to Onchain Lens.
- UNI price continues to bleed, down 7.05% so far today.
An early Uniswap investor deposited 512,440 UNI tokens, worth $3.64 million, into Binance during Thursday’s 10% price dip. According to crypto tracker Onchain Lens, the whale wallet had been dormant for 5 long years and incurred a loss of $11.7 million.
According to the data, the whale initially withdrew these UNI tokens from Binance for $15.34 million. The whale’s activity comes at a time when UNI was continuously bleeding, and yesterday it lost the key support level of $7.35.
Uniswap is a Decentraliszed Exchange (DEX) that launched in 2018, but over the past few days, the Total Value Locked (TVL) on the protocol has been continuously falling, indicating a potential decline in user confidence and liquidity.
As of press time, UNI continues its bearish trend, registering a price dip of over 7.05% and is currently trading at the $6.10 level.
The downside momentum in the asset’s price is not limited to UNI alone, as the overall cryptocurrency market is experiencing a bearish trend, with major assets Bitcoin (BTC) and Ethereum (ETH) posting price dips of 5.10% and 5.15%, respectively.
Also Read: Bears Eye “Golden Fibonacci Ratio”! What Does it Mean for BTC Price?
