Onchain data witnessed a whale having an impressive impact on the price of an altcoin today.
According to data provided by Lookonchain, within two hours, a cryptocurrency whale sold a total of $7.08 million worth of UniSwap (UNI) tokens, causing the UNI price to lose approximately 4% of its value. This depreciation shows itself strikingly on the UNI chart.
The cryptocurrency whale in question bought these UNI tokens for an average of $10.54 by paying $13.7 million. At the time of writing this article, UNI price is trading at $10.46.
Despite selling a large amount, the giant whale still has 969,808 UNI tokens worth $ 7.46 million. The amount of profit made by the whale, who accumulated these tokens in 3 different wallets, from the last sales is around 800 thousand dollars.
Uniswap wants to introduce a fee switch mechanism soon, and this mechanism, which has received great support from the community, will transfer some of the transaction fees on the platform to UNI token holders.
*This is not investment advice.