According to cryptocurrency onchain data, a large amount of altcoins may have been sold from a wallet linked to developers in an altcoin.
A Uniswap (UNI)-connected cryptocurrency wallet sent 9 million UNI tokens worth $47.5 million to the Coinbase exchange after 4.5 years of dormancy, according to onchain data provided by SpotOnChain.
Interestingly, over the past six days, four different cryptocurrency wallets affiliated with the Uniswap project have similarly woken up from their slumber and transferred 19.21 million UNI to the Coinbase exchange, worth a total of $108.5 million. The average UNI selling price during the transfers was $5.65. At the time of writing, UNI is trading at $5.33.
The exact reason for the transfers is unknown. The cryptocurrency, which has lost around 11% in value in the last month, is among the altcoins where crypto whales have increased their transactions the most in the last week. The token is trading 88% lower than its all-time high price of $44.97.
*This is not investment advice.
