UNI’s price has seen a substantial upswing in recent days. Alongside this upward momentum, a massive sale of the tokens from an address has sparked fears of yet another potential downturn.

The move was unexpected, but UNI’s price has remained largely unfazed by the massive token movement, at least for now.

According to on-chain expert Lookonchain’s tweet, the Uniswap Foundation – which is the team behind the development and expansion of the Uniswap protocol – transferred 6.8M UNI worth around $29.16 million to a new address on October 25th.
Part of the funds were also moved to a popular digital asset platform called FalconX.
Just a day prior, the organization dumped three million in UNI tokens, worth around $13 million, via the Kraken deposit address of Wintermute.
The sale occurred during a period of rising UNI prices. Interestingly, even after the sale, the token surged, and the development failed to sway the price in a negative direction.
UNI was currently down by a little over 3% in the past day as a result of a broader market correction and was trading at $4.09.
Despite this, sell-off concerns persisted as the movement of such a huge stash of UNI has not occurred in the past two years.
The past year, UNI whales have been stacking up the tokens following the draft release of Uniswap v4.
On-chain activity on the protocol has been growing despite the negative press surrounding the recent introduction of fees.
As reported earlier, Uniswap’s Active Addresses and Network Growth have risen to levels not seen since July this year.

The post UNI Sell-Off Concerns Grow as Uniswap Foundation Makes Rare Token Transfer appeared first on CryptoPotato.

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Filed under: Bitcoin - @ October 26, 2023 5:11 pm