What appears to be a sell-off is underway by the Uniswap foundation after the price of UNI saw consecutive price uptrends.
Uniswap’s soaring UNI price met a surprising twist as the Uniswap Foundation’s unusual sell-off raised eyebrows, potentially signalling turbulent times for the cryptocurrency.experienced a significant price surge in the past few days. Alongside the rise in the price of UNI, there has also been a noticeable occurrence of selling from an unusual address, suggesting a potential dump.Foundation conducted this transaction, transferring 6.8 million UNI tokens valued at $29.16 million to a new address.
Furthermore, these sales occurred during a period when UNI’s price was experiencing a positive trend, suggesting a sell-off strategy. Given these latest developments, the market may be poised for another sell-off. How might this impact the price trajectory of UNI?, we can see that it recently enjoyed several consecutive days of upward trends. Thus, propelling its price above the $4 mark. However, at the time of writing, the price began to retreat.
Before this decline, UNI experienced an impressive gain of nearly 10%, entering a bullish trend. The chart indicated that by the close of trading on 24 October, UNI had incurred a loss of more than 3.5%.Moreover, at the time of this writing, it had decreased by nearly 1%, trading at approximately $4.1. The previous bullish trend that UNI had been riding came to a halt with this price decline.
At the time of writing, the TVL still stood at over $3 billion. Although the decline wasn’t substantial at this point, it had the potential to become more pronounced if the price decline persists.Adewale is a full-time journalist at AMBCrypto. While he is increasingly fascinating by the world of blockchain and cryptocurrencies, Adewale holds a degree in International Relations.
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