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According to Onchain Lens’ September 18th report, an address holding a large amount of $UNI sold 600,000 $UNI through multiple transactions. Following these sales, the address reportedly obtained approximately 5.1 million $USDT worth of cash.
According to information based on on-chain data, the address in question transferred 100,000 $UNI to the cryptocurrency exchange OKX in addition to the sales transactions. This transfer, worth approximately $844,000, was interpreted as an indication that the address may be preparing to sell a further portion of its $UNI holdings.
These transactions have brought the high volume of investor activity on $UNI back into the spotlight. While large-scale token transfers from a single address to the exchange might suggest the assets were moved for sale, it’s noted that the transfer alone doesn’t necessarily imply a sale.
The sale of 600,000 $UNI, equivalent to approximately 5.1 million $USDT, drew attention to the potential selling pressure the transaction could create on the token price. However, the available data does not provide definitive information about the address’s total $UNI balance or future transactions.
$UNI is used as the governance token of the Uniswap ecosystem. Large-scale buying and selling transactions by major investors, especially transfers to exchanges, are closely monitored by market participants in terms of the token’s supply and demand dynamics. Whether the 100,000 $UNI transferred to OKX will be sold will become clear with subsequent on-chain transactions.
*This is not investment advice.
Source: cryptonews.net