Uniswap (UNI) Sees Abnormal 1,298% Whale Activity Surge, What's Going On?

According to on-chain data, Uniswap has experienced an unusual rise in whale transactions, with activity jumping by 1,298%. This rapid increase seems unexpected, triggering speculation.

Per IntoTheBlock data, Uniswap is seeing a 1,298% surge in large transaction volume, which is indicative of whale activity. Large Transactions Volume provides an idea of the total amount transacted by whales and institutional players on a particular day. Spikes in Large Transactions Volume indicates high activity among large holders, either buying or selling.

In the last 24 hours, Uniswap reported $42.71 million in large transaction volume or 546 million $UNI, representing a 1,298.68% surge.

The surge in large transaction volume follows as the entity behind the WazirX exploits liquidated the rest of its ill-gotten gains, including a significant amount of Uniswap. The exploiter is reportedly left with about $5 million of the stolen assets.

In the past week, the entire crypto market was taken aback when Indian crypto exchange WazirX suffered a security breach in one of its multisig wallets, resulting in the loss of user assets and over $230 million in withdrawals.

WazirX exploiter tops $UNI selling in recent 24 hours

In the last 24 hours, the entity behind the hack of Indian exchange WazirX has become the top Uniswap ($UNI) seller. According to Nansen data for $UNI, the address at issue sold $859,514 in Uniswap tokens over the last seven days.

The selling might have partly contributed to the unusual surge in large transaction volume. Uniswap is down 0.81% in the last 24 hours, trading at $7.91, and has lost 3.64% in the past seven days.

In other news, Uniswap Labs’ wallet browser extension is now available. The wallet browser extension supports 11 blockchains, including Ethereum, Base, Blast and Arbitrum.