- Whale Alert revealed that 3 large UNI deposits were made from unknown wallets to Binance and Coinbase.
- These deposits may be followed by a UNI selloff in the coming 24-48 hours.
- At press time, UNI was trading at $6.56 after it gained 1.74% over the past 24 hours.
The cryptocurrency whale tracking platform Whale Alert revealed that 3 large Uniswap (UNI) transactions were executed in the past 24 hours. The series of posts showed that the UNI tokens were deposited to Binance and Coinbase from an unknown wallet.
The first transaction that Whale Alert tweeted about saw 849,998 UNI transferred to Binance. It is estimated that the total value of the transfer stood at $5,617,639.
Shortly after this transaction, 2 more multi-million Dollar UNI transactions were performed. In the second transfer, 801,957 UNI, worth approximately $5,297,737, was sent from an unknown wallet to Binance.
The third substantial UNI transaction highlighted by Whale Alert saw an identical amount of UNI tokens to that of the second Binance deposit. According to the platform, an unknown wallet sent 801,957 UNI to Coinbase shortly after the two Binance deposits.
It is worth noting that investors send cryptocurrency to exchange platforms with the intent of trading the deposited tokens. The large amounts of UNI sent in each of the transactions indicates that the whale will engage in UNI-related trading activity in the next few days. This can either be in the form of market making or the whale may look to sell their UNI holdings.
The fact that the UNI tokens were sent to 2 of the leading cryptocurrency exchanges with high amounts of liquidity suggests that the whale may look to sell their holdings. Sellers will opt to use exchange platforms with high levels of liquidity to minimize the impact their selling activity has on the cryptocurrency’s price – allowing them to get a better value for their holdings.
At press time, it seems that the freshly-deposited UNI has not been sold off yet as the altcoin’s price was up 1.74% according to CoinMarketCap. Subsequently, UNI was changing hands at $6.56. Furthermore, the cryptocurrency was trading slightly closer to its 24-hour high of $6.68, while its daily low sat at around $6.42.
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