Uniswap Executives Deposit Large Amounts of $UNI Tokens During Market Recovery
The Uniswap team has made significant deposits of $UNI tokens amidst signs of market recovery. Recent data from CoinMarketCap shows that Uniswap has experienced a slight price increase in the last 24 hours, although daily trading volume has seen a decline of 35.38%.
In the midst of a flurry of transactions taking place in the cryptocurrency market, the Uniswap team has actively participated by depositing UNI tokens onto the Coinbase exchange. SpotOnchain data reveals that a wallet linked to the Uniswap Team, identified as “0x63b,” transferred 1.189 million UNI tokens worth $9.146 million to the Coinbase Prime deposit. This follows a previous deposit made by the same wallet 7 days ago, where 1.210 million tokens worth $9.303 million were deposited onto the exchange.
It is worth noting that this particular wallet received 9 million UNI tokens from another Uniswap Team wallet (“0x8fd”) in 2020 and remained inactive until this month. Since July 4, the wallet has been transferring these tokens to the Coinbase Prime deposit in batches of over 1 million. Currently, the wallet holds 1.831 million Uniswap tokens.
The Uniswap ecosystem has been an active participant in the cryptocurrency community and has recently announced important updates. One such update is a partnership with the Zora Network, which provides swapping and liquidity pools for lower gas costs on Layer 2.
Looking at the price performance of the Uniswap token over the last 30 days, it has shown a 17.52% increase. Although the token experienced a downward slide to a two-month low of $6.763 at the beginning of July, it has since attempted to regain a bullish trend along with other altcoins. In the past 24 hours, Uniswap has seen a 0.59% increase, reaching an intra-day high of $7.763. At the time of writing, it is trading at $7.67 according to CoinMarketCap.
Despite recent declines, investors continue to maintain a buying sentiment for the token, as indicated by the Relative Strength Index (RSI) standing at 42.39. Additionally, the token’s short-term 9-day Moving Average (MA) remains below the long-term 21-day MA, reflecting recent price dips.
Market analysts predict that if a bullish run occurs, the Uniswap token could reach $11. TheNewsCrypto analysts have even predicted a bullish price target of $20.113 for UNI by 2024. Conversely, if bears take control, the token is expected to fall to a support level of $3.972.