In the last five hours, two significant whales, likely representing an institutional entity, offloaded 371,000 LINK ($6.48 million) and 541,000 UNI ($5.89 million) on Binance, causing the prices of both tokens to plummet by approximately 4%.
These whales had accumulated the majority of these tokens in late May, driven by the Ethereum ETF approval hype. The strategic timing of the dump appears to have been an effort to capitalize on recent market conditions, resulting in an estimated profit of $797,000.
In the past 5hrs, two whales (likely one institution) dumped 371K $LINK ($6.48M) and 541K $UNI ($5.89M) via #Binance, causing each price to drop ~4%!
Notably, most of these tokens were accumulated in late May, amid the #Ethereum ETF approval hype.
Total est. profits: $797K pic.twitter.com/GGGQmqWchU
— Spot On Chain (@spotonchain) June 6, 2024
Despite this significant sell-off, the whales still hold a substantial amount of UNI, with 670,000 UNI tokens ($7.51 million) remaining in their wallets. This retained position indicates that further market impacts could be on the horizon should these whales decide to liquidate more of their holdings.
Effects on Token Price Amidst Dumping
The substantial dumping of LINK and UNI has not only affected the prices of these tokens but also highlights the influence of large holders on market dynamics. The sudden sell-off and subsequent price drop serve as a reminder of the volatility inherent in the cryptocurrency market, especially when large players make significant moves.
As the market digests this recent activity, investors will be closely watching for any further actions from these whales and others. The remaining UNI tokens in the whales’ wallets suggest that additional market movements could occur, potentially leading to further price volatility.
In summary, the recent whale activity has significantly impacted LINK and UNI prices, demonstrating the substantial influence large holders can exert on the market. Investors should stay vigilant for further developments, especially with a large quantity of UNI still in whale wallets.
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: fellowneko/123RF // Image Effects by Colorcinch
