- Uniswap Foundation has sold approximately $29 million to UNI in the last 48 hours.
- The price of UNI has started falling but is still trading around $4.
Uniswap [UNI] has experienced a significant price increase in recent days. In addition to the increase in UNI’s price, there has also been noticeable selling from an unusual address, indicating a possible dump.
– How much are 1,10,100 UNIs worth today?
The Uniswap Foundation cashes in on UNI
On October 25, Look at chain shared a remarkable transaction via Etherscan. The Uniswap Foundation carried out this transaction and transferred 6.8 million UNI tokens worth $29.16 million to a new address. This recent action followed another action observed on October 23, when the foundation sold 3 million UNIs, worth $13 million, on the Kraken exchange.
Furthermore, these sales occurred during a period when UNI’s price was trending positively, indicating a sell-off strategy. Given these latest developments, the market could be ready for another sell-off. How could this impact UNI’s pricing trajectory?
UNI’s price uptrend comes to a halt
If we look at Uniswap’s daily timeframe chart, we can see that it recently had several consecutive days of uptrends. Which pushed the price above the $4 mark. However, at the time of writing, the price has started to retreat.
Before this decline, UNI posted an impressive gain of almost 10%, entering a bullish trend. The chart indicated that UNI had suffered a loss of more than 3.5% at the close of trading on October 24.
Source: TradingView
Furthermore, at the time of writing, it was down almost 1% and was trading at around $4.1. The previous bullish trend that UNI had been following came to a halt with this price drop. Moreover, from the price trend, it can be deduced that the recent sell-off has had a negative impact on UNI’s performance.
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Uniswap’s TVL sees a slight decline
The fallout from the selloff extended beyond UNI’s price. According to data from DefiLlamaUniswap’s Total Value Locked (TVL) started to show a slight decline. Previously, TVL had been on an upward trajectory, with an impressive addition of more than $100 million in the past seven days.
At the time of writing, TVL was still over $3 billion. While the decline was not substantial at this point, it had the potential to become even more pronounced if the price decline continued.
