BitMEX founder Arthur Hayes, one of the most talked-about names in the cryptocurrency world, appears to have purchased an altcoin, according to onchain data.
According to the data, Hayes purchased 28,670 UniSwap (UNI) tokens worth $257,000 via OTC trading platform FlowDesk.
UniSwap recently announced that it would be activating a fee switch mechanism on its platform. In addition, the developers reported that a token burn of up to $100 million could be held.
Following this announcement, UNI surpassed the $10 level, then briefly experienced a partial pullback and is trading at $8.62 at the time of writing. Hayes' last purchase was made when UNI was at $8.96.
With the shift in decentralized finance volume on Ethereum towards Layer-2 projects, UniSwap hasn't been doing well in recent months. It seems natural that UniSwap will be exploring new ways to regain its competitive edge, especially after platforms like Aster and Hyperliquid began supporting spot trading.
*This is not investment advice.
