Uniswap Foundation Moves $40 Million Worth of UNI to Exchanges
Recent on-chain data reveals that the Uniswap Foundation, the entity behind Ethereum’s largest decentralized exchange Uniswap (UNI), has transferred over $40 million worth of assets to crypto exchanges OKX, Kraken, and FalconX. The movement was first detected by blockchain tracking firm Lookonchain. In the past week, the Uniswap Foundation sent 9.8 million UNI tokens to these exchanges: 3.4 million UNI to OKX, 3 million UNI to Kraken, and 3.4 million UNI to FalconX.
Since the UNI tokens were deposited into these exchanges, there is a possibility that they may be sold on the open market.
Uniswap Foundation’s UNI Troves Moved During Price Rally
The Uniswap Foundation’s transfer of its UNI holdings coincided with a rally in the price of the decentralized exchange governance token. Last week, Lookonchain reported that millions of UNI tokens were moved to Kraken. The movement occurred as the price of UNI rose from a low of $3.89. Currently, UNI is trading at $4.22.
Whales Accumulate Tellor’s TRB Tokens
In addition to tracking Uniswap Foundation’s movements, Lookonchain is also monitoring decentralized oracle Tellor (TRB). According to the blockchain-tracking firm, large holders of TRB tokens, known as whales, have accumulated significant amounts of TRB this week as its price surged. Two whales withdrew 27,405 TRB ($3.18 million) from Binance while the price of TRB increased by 15%. At present, TRB is valued at $119.43, representing an 18% increase in the last 24 hours.
Hot Take: Uniswap Foundation’s UNI Transfer Raises Questions
The recent transfer of over $40 million worth of UNI tokens by the Uniswap Foundation to various exchanges has sparked curiosity among crypto enthusiasts. While it is unclear why the foundation made these moves, the timing suggests that it may have been motivated by the price rally of UNI. The possibility of these tokens being sold on the open market raises questions about potential market impact and investor sentiment. It remains to be seen how this transfer will affect the value and liquidity of UNI in the coming days.
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