- Whale Alert uncovers substantial UNI transactions to Binance and Coinbase.
- Transfer of 849,998 UNI tokens to Binance worth $5,617,639.
- UNI whale likely to engage in trading activities with deposited tokens.
Whale Alert, a prominent cryptocurrency whale tracking platform, has recently unveiled three substantial transactions involving Uniswap (UNI) within the last 24 hours. The transaction records indicate that a sizeable amount of UNI tokens were transferred from an unidentified wallet to Binance and Coinbase, two prominent cryptocurrency exchanges.
Whale Alert’s initial tweet highlighted a transaction involving the transfer of 849,998 UNI tokens to Binance. Based on estimations, this transfer held a substantial value of approximately $5,617,639.
Following the transaction above, two additional multi-million Dollar UNI transactions were executed. In the subsequent transfer, an impressive sum of 801,957 UNI, equivalent to approximately $5,297,737, was seamlessly transferred from an unidentified wallet to the renowned cryptocurrency exchange, Binance.
In another significant development within the UNI ecosystem, Whale Alert has brought attention to a notable UNI transaction. This transaction mirrors the previous Binance deposit regarding the amount of UNI tokens involved. Following the platform’s deposits, an unidentified wallet transferred 801,957 UNI tokens to Coinbase per the two Binance above data.
It is important to highlight that investors typically transfer cryptocurrency to exchange platforms to engage in trading activities with the deposited tokens. The substantial quantities of UNI tokens being sent in each transaction suggest that the whale in question will likely partake in UNI-related trading endeavors in the upcoming days. This could involve market-making strategies or the sale of their UNI holdings.
The transfer of UNI tokens to two prominent cryptocurrency exchanges, known for their substantial liquidity, indicates the possibility of the whale intending to liquidate their holdings. To mitigate any adverse effects on the cryptocurrency’s price, sellers often choose exchange platforms with significant liquidity, enabling them to obtain a more favorable value for their assets.
The recently acquired UNI tokens have yet to be liquidated, as evidenced by the 1.74% increase in the altcoin’s price, as reported by CoinMarketCap. Consequently, UNI is being transacted at a rate of $6.56. Additionally, the cryptocurrency is trading near its highest value within the past 24 hours, reaching $6.68, while its lowest value hovers around $6.42.
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