UNI Price Dips as 1inch Foundation Sells Tokens at $500K+ Profit

The on-chain analysis platform, Lookonchain, shared in an X post today that the 1inch Investment Fund secured a $516,000 profit from trading Uniswap (UNI) over the past few days.

According to an earlier post by the platform, last February, 1inch spent 2 million USDC to purchase 299,848 UNI tokens at a price of $6.67 per token. By November 17, the 1inch Investment Foundation sold 416,924 UNI for 2.13 million USDC, when UNI was valued at around $5.11 per token. 1inch then spent the 2.13 million USDC to buy 420,828 UNI back at a price of $5.06 per token.

Today, Lookonchain disclosed that the 1inch Investment Foundation sold all 420,828 UNI tokens a few hours ago. The tokens were sold for 2.65 million USDC at a rate of $6.29 per token. As a result, the transaction generated a profit of approximately $516,000.

At press time, UNI’s price had fallen a bit from the selling price that 1inch traded at. Data from CoinMarketCap indicated that UNI saw its price dip by 0.36% over the past 24 hours, which left the token trading hands at $6.18. UNI was able to set a 24-hour high price of $6.57.

UNI / Tether US 1D (Source: TradingView)

Along with its price dip, UNI’s intraday volume ended up decreasing to $379,435,749 after it suffered a more than 15% knock. The altcoin’s market cap also fell to around $3,646,796,342. This ranked UNI as the 22nd largest cryptocurrency by market cap, placing it right behind UNUS SED LEO (LEO) in the 21st position and in front of OKB in the 23rd spot.

Despite its 24-hour price drop, UNI’s weekly performance was still securely set in the green zone at +17.66%. However, UNI did record a 0.20% price loss over the past hour of trading.