Uniswap Whale Sells $33 Million Worth of UNI Amid Price Drop

A significant Uniswap investor recently made a large sale of UNI tokens, sparking a price drop for the altcoin. According to on-chain data, the investor transferred 9.295 million UNI to Coinbase Prime's hot wallet at around 10:20 AM, valued at approximately $33.46 million.

This whale had previously profited from periods of price increases in UNI, including a surge that occurred after Uniswap implemented its fee switch mechanism in November last year.

The investor sold during this time, but it's unclear if the recent transfer was made for direct sales purposes. The 8% drop in UNI's price today is attributed to this transaction.