UNI Price Drops 15% as Whales Dump Uniswap Due to SEC Lawsuit Fears
uniswap‘s native cryptocurrency, UNI, experienced a staggering 15% price drop just hours after receiving the Wells Notice from the US SEC on Wednesday, April 10. As of the moment the article was published, Uniswap (UNI) price is trading with a decrease of 15.39%. $9.42 with a market cap of $5.6 billion. Additionally, daily trading volumes increased by a staggering 313% to $650 million.
Whales Drain Uniswap to Big Numbers
As soon as the news spread that Uniswap might be involved in a legal battle with the SEC, some of the leading whales began liquidating their UNI holdings.
Lookonchain reported that significant market movements occurred as three major holders transferred a total of 2.03 million UNI tokens (equivalent to $20 million), leading to a decrease of approximately 17% in the price of UNI.
Specifically, wallets 0x2F8b and 0x3555 transferred 1.25 million Uniswap (UNI) tokens (worth $11.7 million) received from Binance on March 3, 2023 to binance about an hour ago, potentially worth about 3.5 million if sold. will make millions of dollars.
Similarly, wallet 0x4A0B sold 472,691 UNI tokens at a rate of $9.71 for 4.59 million USDC approximately seven hours ago, making a profit of $1.67 million. Additionally, six wallets moved 316,430 UNI tokens ($3.16 million worth) to Binance.
Additionally, according to Lookonchain, whitzardflow.eth underwent a liquidation event about an hour ago, selling 107,010 UNI tokens worth $1 million.
Previously, this organization purchased 262,045 Uniswap (UNI) tokens worth $3 million between March 1 and March 13, purchasing them at an average price of $11.42. These tokens were then deposited into aave and a $1.8 million stablecoin loan was obtained against them.
However, with the decline in the price of UNI tokens, whitzardflow.eth faced liquidation, resulting in the sale of 107,010 UNI tokens ($1 million) to pay off the debt. They currently hold 155,034 UNI tokens worth approximately $1.46 million with a health ratio of 1.19.
Due to decrease $UNI liquidated at a price of 107.010 $UNITo pay off the debt ($1 million) and… pic.twitter.com/6mRg8sL3YE
— Lookonchain (@lookonchain) April 11, 2024
SEC War Will Last for Years
As soon as the US SEC sent the Wells Fargo notice to Uniswap, founder Hayden Adams shared his views on the X platform, stating that he expected the legal fight to last for years.
Adams expressed Disappointment with the SEC’s recent actions underscores concerns about prioritizing consumer interests over maintaining opaque systems. Adams highlighted the upcoming battle with the regulator, citing the need to defend both Uniswap and the industry more broadly.
Anticipating a long legal battle that could extend to the highest judicial authority, Adams underlined the importance of the conflict and emphasized that the outcome could profoundly shape the future of financial technology and the industry as a whole.
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Bhushan is a FinTech enthusiast and has a good ability to understand financial markets. His interest in economics and finance draws his attention to the emerging Blockchain Technology and Cryptocurrency markets. He is in a constant learning process and motivates himself by sharing the knowledge he has acquired. In her spare time, she reads thriller novels and sometimes explores her culinary skills.
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