The price of Uniswap (UNI), the native token of the decentralized exchange platform Uniswap, has experienced a significant downturn following the U.S. Securities and Exchange Commission’s (SEC) issuance of a Wells Notice to the platform on April 9, 2024. The notice, which indicates the regulator’s intention to recommend enforcement action against Uniswap, has sparked concern among investors and led to a substantial sell-off of UNI tokens.
TLDR
- Uniswap (UNI) price has fallen to a 50-day low of $8.9, losing over $1.3 billion in market capitalization within the last 72 hours.
- The price decline comes after the US SEC served a Wells Notice on Uniswap on April 9, indicating their intention to recommend enforcement action against the platform.
- Long-term UNI holders have rapidly sold off 1.7 million tokens (worth approximately $18 million) since the SEC’s notice.
- On-chain data shows an excess of UNI sell orders compared…
