The wallet belonging to the 1inch (1INCH) team, one of the leading DeFi projects of the cryptocurrency market, sold most of its Uniswap (UNI) assets at a loss.
DeFi project 1inch made an unexpected move by selling almost all of the tokens of rival project Uniswap at a loss. Reported by on-chain analysis platform Lookonchain to data According to the 1inch team, 17 November taking action on the day 416,924 all of UNI 2.13 million USD Coin (USDC) in return with an average of $5.11 sold.
This wallet belongs to the 1inch team 10 February on $6.67 at cost 299,849 UNI had bought it. According to DeBank data, after the sale, the team currently has only 2 thousand dollars worth 420 UNI is available.
Although it is not known for what purpose the team made this sale, according to experts, the expectation of a further decrease in the UNI price may have motivated the team to sell.
According to CoinGecko data, in the last 24 hours 3.4% increase UNI, which is in decline at the time of writing from $4.98 is being traded.