The price of Uniswap’s native token, $UNI, has taken a significant hit today, plummeting by approximately 18% following news of a warning from the U.S. Securities and Exchange Commission (SEC) indicating a potential lawsuit against Uniswap.
The $UNI price plummeted by ~16% (7H) after #SEC warned to sue #Uniswap.
Watch out for a possible further price drop as Smart trader 0x335 just deposited 1.25M $UNI ($12.05M) to #Binance at ~$9.66 via 2 wallets in the past hour, realizing an estimated profit of $4.23M (+54.7%)!… pic.twitter.com/DNpmAOR3O0
— Spot On Chain (@spotonchain) April 11, 2024
Amidst the turmoil, a savvy trader known as 0x335 seized an opportunity, depositing 1.25 million $UNI tokens, valued at $12.05 million, to Binance at approximately $9.66 per token via two wallets.
This move resulted in an estimated profit of $4.23 million, marking a notable 54.7% increase. Impressively, this trader has previously made a total profit of $5.76 million from trading Ethereum ($ETH), Compound ($COMP), and Aave ($AAVE).
Affected by the #SEC Wells Notice received by #UniswapLabs, 3 whales dumped 2.03M $UNI($20M) and the price of $UNI dropped by ~17%.
0x2F8b and 0x3555 deposited the 1.25M $UNI($11.7M) received from Binance on Mar 3, 2023 to #Binance 1 hour ago, and will make ~$3.5M if sell.… pic.twitter.com/Kj5M6Irtlr
— Lookonchain (@lookonchain) April 11, 2024
Lookonchain data reveals additional activity, with three whales collectively dumping 2.03 million $UNI tokens, amounting to $20 million, causing a further 17% drop in the $UNI price.
Notably, wallets 0x2F8b and 0x3555 deposited the 1.25 million $UNI tokens received from Binance on March 3, 2023, potentially realizing a profit of approximately $3.5 million upon selling.
Meanwhile, wallet address 0x4A0B sold 472,691 $UNI tokens for $4.59 million in USDC at $9.71 per token, resulting in a profit of $1.67 million.
More $UNI Exchange Deposits In Response To The Selling Pressure
In response to the price decline, six wallets equally deposited 316,430 $UNI tokens, valued at $3.16 million, to Binance.
Additionally, whitzardflow.eth experienced a liquidation event, losing 107,010 $UNI tokens, equivalent to $1 million. This individual had previously purchased 262,045 $UNI tokens from March 1 to March 13 at $11.42 per token and deposited them into Aave, subsequently borrowing $1.8 million in stablecoins.
whitzardflow.eth was liquidated 107,010 $UNI($1M) 1 hour ago.
He bought 262,045 $UNI($3M) from Mar 1 to Mar 13 at $11.42 and deposited it into #Aave, then borrowed $1.8M of stablecoins.
Due to the decrease in $UNI price, he was liquidated 107,010 $UNI($1M) to repay the debt and… pic.twitter.com/6mRg8sL3YE
— Lookonchain (@lookonchain) April 11, 2024
Due to the decrease in $UNI price, they were liquidated to repay the debt and now hold 155,034 $UNI tokens, valued at $1.46 million, with a health rate of 1.19.
As the situation unfolds, traders and investors closely monitor the developments surrounding Uniswap and its native token amidst regulatory concerns and market volatility.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!