A crypto whale has recently made a substantial accumulation of $UNI tokens. As per Lookonchain, the crypto whale has accumulated up to 1.7M $UNI tokens over the last 4 days. This event has raised speculation about the potential motif at its back. In addition to this, it has also ignited a market interest in Uniswap ($UNI).
As a result of such whale activities, market sentiment witnesses a significant impact, highlighting an analogous possibility for the current scenario. Lookonchain, an on-chain crypto analytical platform, shared the recent activity through its official X account.
Whale Acquires $15.54M in $UNI from Binance in Several Withdrawals
On-chain analytics firm has disclosed that the whale accumulated up to $15.54M in $UNI from Binance in four days. The whale reportedly carried out this accumulation activity via several big $UNI extractions from hot wallets on Binance.
The most recent of the transactions included 522,150 $UNI. This figure reportedly accounts for $4.73M in total. The other prominent withdrawals take into account 461,775 $UNI and 326,264 $UNI. They denote nearly $4.54M and $3.05M respectively.
$UNI Price Analysis
At present, the price of Uniswap is $9.21, showing a 0.06% decrease over the past 24 hours. Additionally, during the recent 7 days, the crypto token went through a massive 24.37% slump in price. Moreover, the 1-month performance of $UNI displays a staggering 30.49% in losses.
On the other hand, $UNI’s 24-hour trading volume has seen a 4.35%, reaching $221.06M. Apart from that, the market capitalization thereof has reached the $5.54B mark, signifying a 0.14% increase.
Massive $UNI Accumulation Shows Whale’s Strategic Activity for Potential Gains
In line with Lookonchain’s provided data, the whale accumulation of $15.54M highlights several possible intentions. In this respect, one possibility deals with a strategic long-term investment in $UNI, indicating a bullish stance on future price growth.
Along with that, acquiring governance influence in the decentralized ecosystem of Uniswap is another motive behind this move. Furthermore, it might be a sign of an expected market event that could raise $UNI’s price to further heights.
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