- Uniswap’s team-related wallet recently sold approximately $10 million worth of tokens on July 19 during a month-long selling spree.
- Throughout July, this particular wallet offloaded a total of 5.98 million UNI tokens, valued at around $50 million.
- According to blockchain analytics platform SpotOnChain, the sales originated from an address ‘0x63b’ which initially received 9 million UNI during the first distribution in September 2020.
Uniswap team’s token sales stirred the market, but substantial demand from large investors mitigated significant price drops.
Analyzing Uniswap’s Recent Token Sales and Market Impact
The Uniswap team has been actively selling UNI tokens over the past month, highlighted by a significant transaction on July 19 when approximately $10 million worth of tokens were sold. These sales aggregated to 5.98 million UNI tokens, generating roughly $50 million in proceeds. Interestingly, blockchain analysis by SpotOnChain reveals that the wallet address ‘0x63b,’ which participated in these sales, received its UNI allocation from the project’s team/investor/advisor category back in September 2020.
Market Absorption by Large Investors
Despite the substantial volume of UNI tokens being sold, the market has largely absorbed these sales without a dramatic impact on pricing. Notably, several major investors, or “whales,” quickly purchased the tokens. Reports indicate that after the recent sale, four key investor addresses withdrew 1.04 million UNI from Coinbase Prime, accounting for about 85% of the tokens sold by the Uniswap team. This strong demand underlines a solid appetite for UNI, even in the face of significant selling pressure.
Current UNI Price and Further Sales Outlook
As of the article’s publication, UNI was trading at $7.90, reflecting a 22% decrease from the previous month. Despite the buying activity from large investors, the token remains under considerable selling pressure. The ‘0x63b’ wallet still holds approximately 3.02 million UNI, valued at around $24.07 million, suggesting potential further sales in the near future. This ongoing dynamic will be crucial for investors to monitor.
Conclusion
While Uniswap’s team-related token sales raise questions within the market, the robust demand from large investors has mitigated a steep decline in UNI’s price. However, this interest has not been sufficient to reverse the overall downtrend in its value. Investors and market observers will need to closely watch the motivations behind these sales and the response from the decentralized finance (DeFi) sector as these factors will significantly influence UNI’s market trajectory moving forward.
