The price of Uniswap's UNI token has dropped significantly by 15%, leading to a massive sell-off by large investors who have sold around $20 million worth of UNI. Uniswap prepares for a challenging road ahead.

The native cryptocurrency of Uniswap, UNI, faced a major price drop of 15% shortly after receiving a Wells Notice from the U.S. SEC on April 10. The current price of Uniswap (UNI) stands at $9.42, down 15.39%, with a market cap of $5.6 billion. Trading volumes have surged by a remarkable 313% to $650 million.

As news spread about a potential legal battle between Uniswap and the SEC, top investors began liquidating their UNI holdings. Reports show that three prominent holders sold a total of 2.03 million UNI tokens, equivalent to $20 million, causing a significant 17% decline in UNI's price.

Notable movements include the transfer of 1.25 million UNI tokens ($11.7 million) from wallets 0x2F8b and 0x3555 to Binance, a sale of 472,691 UNI tokens for 4.59 million USDC, and a liquidation event by whitzardflow.eth selling 107,010 UNI tokens for approximately $1 million.

Uniswap's founder, Hayden Adams, expressed uncertainty about the long legal battle with the SEC, emphasizing the need to defend Uniswap and the industry as a whole. Adams anticipates a protracted legal dispute that could influence the future of financial technology and the industry significantly.