There is news from the cryptocurrency whale watching platform Whale Alert. Accordingly, it revealed three key Uniswap (UNI) transactions that were executed in the last 24 hours. These transactions involve a significant amount of UNI tokens deposited on Binance and Coinbase from an unknown wallet.
Uniswap transaction details
There are 849,998 Uniswap sends to Binance worth an estimated $5,617,639 in the first transaction. Two more multi-million dollar UNI transactions followed shortly after.
https://twitter.com/whale_alert/status/1686590991812141056
In the second transfer, 801,957 Uniswaps, equivalent to approximately $5,297,737, were sent to Binance from an unknown wallet.
https://twitter.com/whale_alert/status/1686591893734322176
The third major Uniswap transaction mirrored the second Binance deposit as 801,957 UNI tokens were sent to Coinbase.
https://twitter.com/whale_alert/status/1686592438956089344
It is important that such large amounts of Uniswap are sent to leading cryptocurrency exchanges with high liquidity. It indicates that the whale will invest in other cryptocurrencies in the near future. So which ones are they?
Uniswap whales stare at COMP
After the Uniswap whales sold, they showed interest in the altcoin named Compound (COMP) on the Binance exchange. Data provider Look On-Chain reported significant purchases by the two whales. The first whale with the identifier “0x3FB7” invested a total of $1.24 million to purchase 18,686 COMP tokens at an average price of $66.13.
Whales are buying $COMP!
Whale"0x3fb7" spent a total of $1.24M to buy 18,686 $COMP at an average price of $66.13 in the past 2 hours.
Whale"0x5de6" spent 953K $USDC to buy 14,885 $COMP at an average price of $64.01 8 hrs ago. pic.twitter.com/psUMwlnDmw
— Lookonchain (@lookonchain) August 2, 2023
The second whale, identified as “0x5DE6”, spent 953 thousand USDC just 8 hours ago to purchase 14,885 COMP tokens at an average price of $64.01. At the time of writing this article, Compound (COMP) bought by whales selling Uniswap is trading at $63.96. However, the two whales making these recent COMP investments are likely to face losses as the price of COMP has plummeted after their purchase.
Whales also affect Cardano price
While Uniswap whales caused price action, another development occurred in Cardano. Cardano (ADA) has witnessed a pullback towards $0.30 amid the turbulent volatility in the altcoin market over the past week. The price volatility draws the attention of investors and traders, prompting them to watch ADA’s movement closely.
On-chain data analysis points to one more situation as Uniswap whales move. It shows that Cardano’s network activity has been in a steady decline since mid-July. This downward trend is raising concerns among market participants. On the other hand, some investors face unrealized losses. The price is retreating towards the critical support level of $0.30. Accordingly, whale investors are taking action to defend this important point. They buy more ADA tokens. They also aim to prevent further declines and stabilize the market around this level.
New move from the founder of Altcoin Curve
While Uniswap whales are making a move, Curve’s founder also made an important move on August 2, according to DeBank data. Stake DAO: Received 500,000 USDT from an address marked as Governance. He then exchanged 500,000 USDT for 502,000 MIMs.
Looking at the whale cryptokoin.com used 1.25 million CRV to repay 502,000 MIM debts on Abracadabra. He also sent them all to Stake DAO: Governance. Accordingly, it is possible to perform OTC transactions again at an average price of 0.4 USD per CRV. Finally, even though Uniswap whales are selling, they are attacking other altcoins.
51879
