Uniswap (UNI) Team-Linked Wallet Dumps $50M of Tokens in Month-Long Selling Spree

The Uniswap (UNI) team-linked wallet sold nearly $10 million of tokens on July 19 in a month selling spree. So far, the labeled address has dumped 5.98 million UNI

Cryptocurrency exchange aggregator SpotOnChain has observed that a wallet linked to the Uniswap (UNI) team has sold nearly $10 million of the token on July 19 as part of a month-long selling spree.

According to SpotOnChain, the labeled address has dumped 5.98 million UNI in July, which is currently valued at nearly $50 million.

The platform began tracking the address ‘0x63b,’ which received 9 million UNI from the initial distribution in September 2020. This allocation, as per the project’s disclosed tokenomics, falls under the team/investor/advisor category.

As highlighted by the platform, ‘0x63b’ has deposited 5.98 million UNI to Coinbase Prime at an average price of $8.26 since July 4. This brings the nominal value of the deposits to $49.4 million.

Of note, the recent deposit was 1.21 million UNI in a single day, valued at $9.64 million.

However, SpotOnChain observed that these offloads were “quickly absorbed” by other Uniswap whale addresses, not significantly affecting the cryptocurrency’s price.

In particular, four whale addresses withdrew 1.04 million UNI from Coinbase Prime right after the latest deposit. With that, these addresses alone absorbed 85% of the 1.21 million tokens from the Uniswap team-linked wallet.

This highlights a relevant demand for the Uniswap token.

At the time of writing, UNI was trading at $7.90, down 22% in one month. Therefore, despite the recent whale buying activity, UNI has suffered from a significant selling pressure, impacting its price.

The ‘0x63b’ address still holds 3.02 million UNI, valued at $24.07 million, which will likely be deposited to Coinbase Prime at one point. Interestingly, this is half the amount the project team has sold month-to-date.

Uniswap is the largest decentralized exchange (DEX) in the cryptocurrency market, moving relevant trading volume daily, although not directly benefiting the token’s fundamentals.

Now, decentralized finance (DeFi) investors look further to see whether the Uniswap team’s movements will cause from an economic perspective.

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