Token sell-off on the horizon?

Last week, the cryptocurrency business’s radar lit up with vital strikes. The Uniswap Foundation, the entity behind the famend Ethereum decentralized exchange, has been particularly energetic. According to knowledge tracked by (*9*), the basis moved a formidable quantity of UNI tokens to numerous cryptocurrency exchanges.

(*4*)Breakdown of UNI Transfers

• To OKX: A deposit of 3.4 million UNI was detected, valued at 14.1 million.
• To Kraken: Here, a motion of 3 million UNI was recorded, equal to 12.45 million.
• To FalconX: Similar to OKX, 3.4 million UNI had been transferred, value 14.1 million.

In whole, over six days, 9.8 million UNI have been transferred, which is equal to 40.66 million. These strikes in direction of exchanges counsel that these tokens could possibly be primed for an open market sale.

(*4*)Background of UNI Movements

This will not be the first time that (*9*) has identified related actions by the Uniswap Foundation. The earlier week, the blockchain monitoring agency had already reported on the switch of 6.8 million UNI (equal to 29.16 million) to a brand new tackle, after which to FalconX. Likewise, a sale of 3 million UNI, valued at 13 million, was reported by means of Wintermute’s deposit tackle on Kraken, after a notable improve in the value of the token.

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(*4*)UNI and its Behavior in the Market

These transfers happen in an fascinating context. In the final week, UNI, the decentralized exchange governance token, noticed a restoration from a low of 3.89. At the time of writing, UNI is priced at 4.07 per unit.

(*4*)Movements in Tellor (TRB):

Not solely UNI has attracted the consideration of (*9*). The agency has additionally centered on the decentralized oracle Tellor (TRB). Recent knowledge reveals that sure dominant gamers, known as (*6*), have amassed giant quantities of GRT this week. (*8*), two of those (*6*) withdrew a complete of 27,405 GRT (roughly 3.18 million) from Binance. As a end result, the GRT value has seen a 15% improve in a single day. At the time of this report, TRB is buying and selling at 111.47, up greater than 18% in the final 24 hours.