On-chain data shows that the number of significant transactions has increased by an astounding 1,298% on Uniswap. This is due to an immense increase in “whales” trades. There is a lot of speculation in the crypto world about this rise.
IntoTheBlock data shows that the enormous spike of significant deals, which are a sign of whale and institutional activity, has led to a volume of $42.71 million or 546 million UNI in just 24 hours, which is an unprecedented rise of 1,298.68%. When a lot of transactions happen, it usually means that significant buyers are buying or selling a lot of assets.
Uniswap Surge Linked Hack
Recent events regarding the WazirX exchange have caused a rise in transactions. The person or group that took advantage of WazirX has sold some of the things they got illegally, including a lot of Uniswap coins. It is said that the thief still has about $5 million of the stolen funds.
In the past week, there was a security breach at the Indian exchange WazirX. A multisig wallet hack allowed users’ funds and over $230 million in withdrawals to be stolen.
According to Nansen data, the hacker linked to the WazirX breach has been selling a lot of Uniswap (UNI) tokens over the past week, selling $859,514 worth of UNI. This has happened in the last 24 hours.
This increased selling may help explain in part the unusual rise in the number of significant transactions. At the moment, Uniswap is worth $7.91, which is 0.81% less than it was yesterday and 3.64% less than it was a week ago. Uniswap Labs has also released a new wallet browser app that works with 11 blockchains, such as Ethereum, Base, Blast, and Arbitrum.
