UNI whales offload $20m after SEC lawsuit, shift to new memecoin

Uniswap faces a potential SEC lawsuit, causing UNI’s price to plummet and whales to offload tokens, while NuggetRush gears up for its launch with presale closing soon.

Uniswap (UNI), the token for the decentralized exchange of the same name, has seen a significant sell-off. Three major whales sold UNI tokens approximately worth $20 million after Uniswap said it received a proposed lawsuit notice from United States regulators—which it is “ready to fight.” This matter further caused a steep decline in UNI’s price lately, dragging the crypto asset to its lowest point in two months.

With this new development, NuggetRush (NUGX), an almost concluding blockchain ICO, could be a perfect entry point for these whales to boost their portfolios. Its presale has seen a large influx of participants, selling over 270 million tokens. NuggetRush is one of the leading meme coins on the Ethereum blockchain, offering a play-to-earn (P2E) model that blends impact gaming and popular NFT (non-fungible tokens) collectibles.

This article explores whether NuggetRush’s unique propositions will make these Uniswap whales turn to it amid Uniswap’s back-and-forth with the SEC.

NuggetRush tops new memecoins chart

NuggetRush is a cryptocurrency ICO (initial coin offering) dominating the market with a promise of growth potential. This potential is among its many appeals, attracting whales to bulk-buy its presale. Unlike many top altcoins with no tangible utility, NuggetRush is praised for its impressive integration of meme culture and P2E mechanics—two big narratives in the crypto space. 

As a virtual mining platform, NuggetRush promises players thrills and excitement. Once the game’s version one launches and the NUGX token gets listed, users can enjoy an immersive gameplay experience and real rewards for their time spent playing. The in-game rewards and popular NFT items acquired while participating can be traded and exchanged in NuggetRush’s marketplace for real gold and cash.

NuggetRush is in the final round of its presale, selling each token at $0.02. The project has sold over 270 million tokens and raised over $3.8 million. Once NUGX lists on Uniswap and other mainstream exchanges at $0.020, its value is expected to increase exponentially.

Uniswap whales offload $20m after SEC’s Wells Notice

Uniswap whales appear distressed after the SEC’s issuing a Wells Notice against Uniswap Labs, the company behind its decentralized exchange. The news triggered a significant sell-off in UNI, as three major whales sold around 2.03 million tokens worth approximately $20 million. This further caused a steep 27% decline in UNI’s price over the past week, extending its monthly losses to about 44% and dragging the crypto asset to its lowest point since February.

Additionally, six wallets collectively deposited 316,430 UNI tokens, valued at $3.16 million, onto Binance. The exact motive behind the SEC’s notice regarding Uniswap has yet to be disclosed. Still, it aligns with the regulator’s broader initiative to extend securities regulations to US companies operating in the digital asset space, such as Coinbase and Binance. Uniswap founder Hayden Adams said he is “annoyed” and “disappointed” but is ready to fight. 

While jibing at the SEC, Adams commented that Uniswap is more efficient than the regulatory body in safeguarding investors, maintaining fair, orderly, efficient markets, and facilitating capital formation.

Conclusion 

Uniswap received a Wells notice from the SEC, a notification that the regulator is planning enforcement action. This update stirred its whales to exit the network with over $20 million, accompanied by a price drop. They are now flocking to NuggetRush, a leading cryptocurrency ICO changing the regular mean coin narrative with real utility and growth progress.

To learn more, visit the NuggetRush presale website.

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