The altcoin market is seeing a trend where early whales are starting to trim their positions.

One notable UNI whale, who accumulated 546,000 UNI over the past three years, has recently transferred $3.91 million worth of tokens to Binance.

The transfer occurred just an hour ago, with the average cost of the position sitting at $7.54. If these tokens are sold at current prices, the whale stands to realize a significant profit of $2.35 million.

Interestingly, this marks the first time the address has engaged in any selling or transferring activity during its three-year holding period. Despite the recent move, the whale still holds UNI tokens valued at approximately $6.5 million, signaling a substantial remaining stake.

UNI Price Action To Monitor 

Meanwhile, UNI’s price is on a meteoric rise, soaring to $18.75 and nearing the $20 mark for the first time since December 2021. This price level represents a 36-month high for Uniswap’s native token, driven by growing enthusiasm around decentralized finance (DeFi).

Uniswap, a pioneering decentralized exchange (DEX) on the Ethereum blockchain, has cemented its position as a leader in peer-to-peer ERC-20 token trading. The platform offers users the ability to act as liquidity providers, earning fees in return, which has contributed to its widespread adoption in the DeFi ecosystem.

As UNI approaches the $20 milestone, all eyes are on whether whales like this one will continue to reduce their positions, potentially influencing the market in the days ahead.

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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