The developers of the decentralized crypto exchange Uniswap have conducted a significant sale of their UNI tokens, according to blockchain data.
Long-awaited Wallet Activation
A cryptocurrency wallet associated with Uniswap developers has woken from a 3.5-year slumber and deposited 10.21 million UNI tokens, worth approximately $60.99 million, to Coinbase Prime.
Historical Price Data
This deposit received 9 million UNI from another Uniswap-related crypto wallet back in September 2020, at a time when the tokens were valued at approximately $31 million and the UNI price was trading at $3.44.
Losses from Missed Sale
As of the time of writing, UNI is trading at $5.81, with the token's price dropping about 3% in the last 24 hours. However, UNI reached an all-time high of $44.97 in May 2021. Had the wallet sold at that time, the total profit from the last sale would have been $459 million, indicating a loss of $398 million due to holding onto the tokens.
This recent sell-off highlights the importance of monitoring developer decisions and their impact on the cryptocurrency market.
