Crypto News: Massive Whale Causes Sharp Decline in Altcoin Price
A mammoth cryptocurrency whale made a significant impact on the price of an altcoin with a transaction today.
Onchain data revealed that a whale had a remarkable effect on the price of an altcoin. Lookonchain data showed that in just two hours, a cryptocurrency whale unloaded $7.08 million worth of UniSwap (UNI) tokens, leading to a 4% drop in the UNI price. This sudden decline is clearly visible on the UNI chart.
The whale initially purchased these UNI tokens for an average of $10.54, spending $13.7 million. As of the time of writing, the UNI price is hovering around $10.46.
Despite offloading a large amount, the giant whale still holds 969,808 UNI tokens valued at $7.46 million. The whale, who spread these tokens across 3 different wallets, has made a profit of around $800,000 from the recent sales.
Uniswap is planning to implement a fee switch mechanism soon, which has garnered strong support from the community. This mechanism will direct some of the transaction fees on the platform to UNI token holders.
Please note that this is not investment advice.
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