Uniswap Head of NFT Product Sells $1.13M UNI Tokens to Aquire Meme Coins, Rasing Eye Brows

Head of Uniswap Labs’ NFT products, Scott Gray, stirs discussion with substantial UNI token sales and meme coin purchases, drawing mixed reactions.

Scott Gray, the head of NFT products at Uniswap Labs, has found himself at the center of attention within the crypto community following his adventure into meme coins that are almost nonexistent. 

The renowned on-chain analytics resource Lookonchain took to Twitter to share Gray’s recent substantial crypto deal. Specifically, the tweet revealed that Gray sold 207,166 Uniswap tokens (UNI), earning him 579 Ethereum (ETH), equivalent to an impressive $1.13 million. Notably, the sale was executed for $5.44 per UNI coin about two weeks ago.

Scott (@Scott_eth, head of NFT product @uniswap) sold 207,166 $UNI for 579 $ETH($1.13M) at a price of $5.44 on Jul 4.

Then he spent 20 $ETH($38K) to buy LootBot ($LOOT) and spent 24 $ETH($46K) to buy HarryPotterObamaSonic10Inu (BITCOIN).https://t.co/at992ik3Fr pic.twitter.com/3Elp5eDdv6

— Lookonchain (@lookonchain) July 18, 2023

However, Gray did not stop there. His subsequent purchases raised further questions regarding his investment choices. Gray spent 20 ETH worth about $38k to acquire LootBot (LOOT) and an additional 24 ETH, approximately $46k, to acquire the peculiarly named meme token HarryPotterObamaSonic10Inu (BITCOIN).

According to data from CoinMarketCap, HarryPotterObamaSonic10Inu is worth $0.0000000007178, ranking at 5969 with a market cap of supposedly $196,090. A quick overview of Gray’s Twitter account shows how he exchanged ETH for the meme coin in multiple transactions. Consequently, the coin is up by 2.6% in the last 24 hours.

However, the comments section beneath Lookonchain’s tweet reflected the mixed opinions surrounding Gray’s investment decisions.

Crypto Community Reacts

One curious individual wondered why anyone would invest a pricy $50k into HarryPotterObamaSonic10Inu. Another individual was fascinated by the moves and revealed that Gray also acquired what he called the “people’s ETH” – RonWeasleyGenslerSpyro11Inu. 

The Twitter user added that Gray made an initial purchase and continued buying more of this crypto. The commenter encouraged others to closely monitor these financial movements, suggesting that tracing the money flow might provide valuable insights.

Meanwhile, an enthusiast claimed to have foreseen the potential of HartyPotterOvamaSonic10Inu a month before, speculating about the meme coin listing on Binance.

HarryPotterObamaSonic10Inu

HarryPotterObamaSonic10Inu is a joke coin based on the Binance Smart Chain (BSC) with a ticker symbol BITCOIN, likely representing Harry Potter, Barack Obama, and Sonic the Hedgehog. It is worth noting that the coin is not affiliated with Bitcoin (BTC).