Rally

Uniswap

Artificial Intelligence

DeFi

SushiSwap

It appears that the exciting <a href="https://coingape.com/markets/uniswap-technical-analysis-hints-the-55-price-is-beginning/" rel="noopener noreferrer nofollow">Uniswap (UNI) rally</a> may be elapsing as some wallets have been seen selling out their holdings.
<h2 id="strong-uniswap-soars-with-likely-profit-taking-underway-strong">Uniswap Soars With Likely Profit Taking Underway</h2>
According to data from blockchain analytics firm Lookonchain, a Uniswap team wallet sold off a total of 90,000 UNI tokens for approximately 1.03 million USDC at $11.48 per unit. Notably, this was after the price of the UNI token increased by more than 76% over the past week.&nbsp;
Before this time, the wallet had received up to 5.44 million UNI which would have been valued at about $60.8 million based on the current price of UNI at $11.18. However, there are only about 926,000 UNI left in the wallet and this is worth only around $10.5 million.&nbsp;
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 A <a href="https://twitter.com/hashtag/Uniswap?src=hash&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">#Uniswap</a> Team/Investor/Advisor wallet sold 90,000 <a href="https://twitter.com/search?q=%24UNI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$UNI</a> for 1.03M <a href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$USDC</a> at $11.48 after the price of <a href="https://twitter.com/search?q=%24UNI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$UNI</a> increased.
 The wallet received 5.44M <a href="https://twitter.com/search?q=%24UNI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$UNI</a>($62.46M currently) and currently holds 926K <a href="https://twitter.com/search?q=%24UNI&amp;src=ctag&amp;ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">$UNI</a>($10.63M).<a href="https://t.co/KeUS01V54g" rel="noopener noreferrer nofollow">https://t.co/KeUS01V54g</a> <a href="https://t.co/SaCDjfnnf8" rel="noopener noreferrer nofollow">pic.twitter.com/SaCDjfnnf8</a>
 — Lookonchain (@lookonchain) <a href="https://twitter.com/lookonchain/status/1761398835732254733?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">February 24, 2024</a>
</blockquote>
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Since December last year, UNI has held up strong with a price rally which continued into the new year. In December alone, the token <a href="https://coingape.com/uniswap-uni-price-rally-can-extend-another-50-to-10/" rel="noopener noreferrer nofollow">registered</a> up to a 50% increase that ended up pushing its price towards the $10 mark. At the time, it was said that UNI had no prominent resistance in its immediate path, hence the possibility of hitting $10 was seen as achievable.
The focus was therefore to get UNI toward its next significant target of $11.283. The Uniswap rally has remained <a href="https://coingape.com/uni-price-jumps-9-5-after-uniswap-announces-the-v4-upgrade/" rel="noopener noreferrer nofollow">consistent</a> in the last few weeks, especially with the announcement of the upcoming Ethereum’s Dencun upgrade. Similarly, the trading volume for UNI has also demonstrated a substantial rise by more than 60% to cross the $2 billion benchmark.&nbsp;
<h2 id="strong-defi-protocols-feeling-the-ripple-effect-of-uni-rally-strong">DeFi Protocols Feeling the Ripple Effect of UNI Rally</h2>
On one hand, the Uniswap rally has contributed to a Decentralized Finance (DeFi) boom across several protocols. Particularly, on-chain data provider Santiment <a href="https://coingape.com/uniswaps-70-rally-helps-defi-steal-spotlight-from-ai-tokens/" rel="noopener noreferrer nofollow">highlighted</a> a shift in focus from the Artificial Intelligence (AI) craze to the burgeoning DeFi sector. UNI’s rally triggered a ripple effect which equated to an increase in value in assets like $COMP, $SUSHI, and $AAVE.
Trading volumes across these DeFi protocols have also experienced a surge in the values. For instance, a few days ago COMP’s price was seen to go high with its trading volumes shooting up 411% to more than $175 million. The same was seen for the SushiSwap (SUSHI) price which surged by 27% while the trading volumes shot up by a staggering 153%.
The recent transfer of UNI by the Uniswap team is not certain to mean a selloff but it is obvious that the rally of the token has contributed significantly to a likely push to take profit and a correction in the near term cannot be ruled out.
The post <a href="https://coingape.com/uniswap-uni-76-mega-rally-might-be-over-amid-likely-team-selloff/" rel="noopener noreferrer nofollow">Uniswap (UNI) 76% Mega Rally Might Be Over Amid Likely Team Selloff</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Uniswap (UNI) 76% Mega Rally Might Be Over Amid Likely Team Selloff

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