Uniswap Plummets to $9 Amid Intense Selling Pressure

Uniswap's recent market crash has led to a significant increase in selling pressure, causing the altcoin to plummet to $9.02.

The price drop was intensified after failing to hold above $10 the previous day, leading to a 9.13% decline on the daily charts.

A notable early investor, Nazoku, has moved $12.93 million worth of UNI tokens to Wintermute, sparking speculation about potential OTC sales.

The transfer has captured market attention, but its impact is seen as neutral for now, with the tokens remaining unsold.

However, the increased selling activity has led to liquidation risks, prompting some traders to scale back or exit the market. Over 24 hours, Uniswap saw $385 million in outflows compared to $321 million in inflows.