UNI Price Drops 10% Following Massive Whale Transfer

A significant transfer of UNI tokens to major exchanges has caused a 10% price drop for Uniswap's governance token. The $12.63 million in UNI tokens, worth approximately 3.72 million coins, was deposited by an anonymous whale address over the past 24 hours.

The transfers were routed through market maker Cumberland to platforms including Binance, Coinbase, OKX, and Bybit. This is often seen as a signal of intent to sell, and the market responded accordingly.

UNI's price fell from $3.59 to $3.22 during the same period, indicating selling pressure applied to the market. The involvement of Cumberland adds another layer of significance, suggesting the whale may be executing a block trade rather than a simple exchange deposit.