Massive Whale Causes Sudden Altcoin Drop on Chart
A significant whale made waves in the cryptocurrency market today, as Onchain data revealed a major impact on the price of an altcoin. Reportedly, within a span of two hours, this whale sold a staggering .08 million worth of UniSwap (UNI) tokens, resulting in a 4% drop in the UNI price. The effects of this sell-off were clearly visible on the UNI chart, showing a sharp decline in value.
This particular cryptocurrency whale had acquired the UNI tokens at an average price of .54, making a total purchase of .7 million. As of the latest data, the UNI price is now at .46, indicating the influence of the whale’s sell-off.
Despite offloading a significant portion of UNI tokens, the whale still holds 969,808 UNI tokens valued at .46 million. The profits derived from the recent sales amount to around 0 thousand. It’s worth noting that the whale holds these tokens across three different wallets.
In other news, Uniswap is set to implement a fee switch mechanism soon. This mechanism, which has garnered strong support from the community, aims to redirect some transaction fees on the platform to UNI token holders.
As always, it’s important to remember that this information is not intended as investment advice.
