- It appears that the exciting Uniswap (UNI) rally may be coming to an end with some wallets liquidating their assets.
- Since December of last year, UNI has demonstrated strong performance in a price rally that continued into the new year.
- The Uniswap rally had remained stable for the past few weeks, especially after the announcement of Ethereum’s London upgrade.
On-chain data examined after the Uniswap (UNI) price rally indicates that the Uniswap team has sold UNI tokens.
UNI Tokens Sold from the Uniswap Team’s Wallet
It appears that the exciting Uniswap (UNI) rally may be coming to an end with some wallets liquidating their assets. According to data from blockchain analytics firm LookIntoBitcoin, a wallet controlled by the Uniswap team sold a total of 90,000 UNI tokens at approximately 1.03 million USDC, at a rate of $11.48 per token. Notably, this occurred after UNI had risen by more than 76% in the past week.
Before this time, the wallet had made a significant increase by acquiring 5.44 million UNI tokens valued at around $60.8 million based on the current price of $11.18. However, the wallet now holds only 926,000 UNI, which is approximately worth $10.5 million.
Since December of last year, UNI has demonstrated strong performance in a price rally that continued into the new year. In December alone, the token recorded an increase of up to 50%, pushing its price towards $10. At that time, reaching $10 was considered achievable as there was perceived to be no significant resistance in UNI’s immediate path.
The focus, therefore, was to guide UNI towards a significant target of $11.283. The Uniswap rally had remained stable for the past few weeks, especially after the announcement of Ethereum’s London upgrade. Similarly, the trading volume for UNI also showed an increase of over 60%, surpassing the $2 billion threshold.
Impact of UNI Rally on DeFi Protocols
The Uniswap rally contributed to the decentralized finance (DeFi) frenzy in a range of protocols. Notably, on-chain data provider Santiment highlighted a shift in focus from the artificial intelligence (AI) craze to the exploding DeFi sector. UNI’s rally led to a ripple effect equal to an increase in the value of assets such as $COMP, $SUSHI, and $AAVE.
Transaction volumes in these DeFi protocols also experienced an increase in their values. For example, a few days ago, the value of COMP saw a significant surge, and the transaction volume increased by over 411%, exceeding 175 million dollars. The same scenario applied to SushiSwap (SUSHI) price; while the price increased by 27%, the transaction volume showed a remarkable 153% increase.
It is not certain whether the recent UNI transfer by the Uniswap team implies a sale, but what is evident is that the token’s rally contributed significantly to a potential profit realization and a notable correction in the near future.
