The price of $UNI, the native token of the renowned decentralized Ethereum trading protocol, has experienced a 5% decline over the past 24 hours, signaling a period of market volatility.

On-chain data provided by Lookonchain has shed light on a significant development: a whale in the $UNI market is actively selling tokens to capitalize on profits. 

In the last 24 hours alone, this whale has deposited 300,000 $UNI tokens—equivalent to $3.48 million—to Binance. 

A whale is selling $UNI to make profits and has deposited 300K $UNI($3.48M) to #Binance in the past 24 hours.

This whale bought 1.53M $UNI($9.87M) at $6.45, and sold 350K $UNI($3.86M) at $11.04.

He currently holds 1.18M $UNI($13.44M), with a total profit of ~$7.43M.

Address:… pic.twitter.com/d4QozB3HNy

— Lookonchain (@lookonchain) April 3, 2024

Further analysis reveals that this whale initially purchased 1.53 million $UNI tokens at a price of $6.45, investing a substantial sum of $9.87 million. 

Seizing an opportune moment, the whale executed a sell-off, offloading 350,000 $UNI tokens at a price of $11.04, resulting in proceeds totaling $3.86 million. 

Presently, the whale retains a holding of 1.18 million $UNI tokens, valued at $13.44 million, with an impressive total profit of approximately $7.43 million. 

This strategic move by the whale underscores the dynamic nature of the cryptocurrency market, where investors continually seek to optimize their returns amidst fluctuating prices. 

As $UNI navigates this period of volatility, the actions of prominent market participants such as whales serve as indicators of sentiment and potential market trends.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: thvideo/123RF // Image Effects by Colorcinch

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