On April 10, UNI price dropped 15% after receiving a Wells Notice from the SEC, now trading at $9.42 with a market size of $5.6 billion.
On Wednesday, April 10, Uniswap’s native cryptocurrency, UNI, dropped significantly, plummeting by an astounding 15% just a few hours after receiving the Wells Notice from the United States Securities and Exchange Commission.
UNI price is currently trading at $9.42, representing a decrease of 15.39% from its previous UNI price, and it has a market size of $5.6 billion. In addition, the daily trading volumes have increased by an astounding 313%, to the point where they have reached $650 million.
Whales Dumping Uniswap In Big Numbers
As soon as it became public knowledge that Uniswap might be at odds with the Securities and Exchange Commission (SEC), several of the most prominent whales began selling off their holdings in UNI.
UNI Price Crashes As Sell Off Continues
UNI price has dropped by almost 17% due to substantial market moves, as reported by Lookonchain. Three large investors caused these movements by selling 2.03 million UNI tokens, roughly equivalent to $20 million.
Particularly noteworthy is the fact that wallets 0x2F8b and 0x3555 transferred 1.25 million Uniswap (UNI) tokens, which were obtained from Binance on March 3, 2023 and were valued at $11.7 million, to Binance around one hour ago.
If sold, these tokens may receive approximately $3.5 million. Similarly, wallet 0x4A0B carried out a transaction in which it sold 472,691 UNI tokens for a total of 4.59 million USDC at a rate of $9.71.
This transaction resulted in a profit of $1.67 million. Additionally, six different wallets transferred 316,430 UNI tokens worth a total of $3.16 million to Binance.
In addition, according to Lookonchain, whitzardflow.eth executed a liquidation event, which resulted in the sale of 107,010 UNI tokens with a total value of one million dollars. This transaction took place around one hour ago.
Before then, this organisation had purchased 262,045 Uniswap (UNI) tokens at an average price of $11.42 between March 1 and March 13, resulting in a total value of $3 million for the tokens.
This was followed by the deposit of these tokens into Aave, which was followed by the acquisition of a loan in stablecoins for $1.8 million. However, due to the subsequent drop in the UNI price, whitzardflow.eth was forced to consider liquidation, which ultimately led to the sale of 107,010 UNI tokens, which amounted to one million dollars, to pay off the debt.
They have a health rate of 1.19 and currently have 155,034 UNI tokens, worth around $1.46 million. When the United States Securities and Exchange Commission (SEC) sent a notice from Wells Fargo to Uniswap, the company’s founder, Hayden Adams, expressed his opinions on the X platform, adding that he anticipates the legal struggle to continue for many years.
Adams voiced his dissatisfaction with the recent steps taken by the Securities and Exchange Commission (SEC), highlighting his worries regarding the SEC’s preference for safeguarding opaque systems over customer interests.
The upcoming conflict with the regulator was brought to the attention of Adams, who emphasised the need to protect Uniswap and the industry.
Because Adams anticipated a protracted legal battle that would even reach the highest judicial authority, he emphasised the seriousness of the issue. He noted that the outcome could fundamentally affect the future of financial technology and the industry.
