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.
.@WazirXIndia exploiter top seller of UNI đ pic.twitter.com/NLWccBWASz
â Alex Svanevik đ§ (@ASvanevik) July 22, 2024
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 Labsâ wallet browser extension is now available. The wallet browser extension supports 11 blockchains, including Ethereum, Base, Blast and Arbitrum.