Uniswap (UNI), a major platform in the DeFi sector, is gaining market attention with increased whale activity. Data shared by Onchain Lens today showed a significant whale transaction despite the recent price slump.
Whale withdrawals 461,874 Uniswap
According to data reported by Onchain Lens, a newly created wallet withdrew 461,874 Uniswap tokens worth $4.56 million from Binance. The whale bought the tokens at an average price of $9.87. This means he took advantage of the current market dips to acquire the tokens while the prices were at their lower levels.
The whale’s activity signals renewed interest from big crypto investors on Uniswap. Such behavior indicates optimism in the asset’s future performance, laying a foundation for a potential price uptrend.
Whales are known for their activity, which often impacts market trends. Their actions like purchasing or transferring huge amounts of coins normally come before significant price changes. This investor’s activity suggests that big crypto holders are heightening their interest in Uniswap, considering it as a target asset for potential returns in the future.
Uniswap price updates
During the weekend, broader crypto markets plunged back into the red, with most assets currently trading down. BTC dropped to the $98,000 level from a high of $104,000 level on Friday. This happened after the US President announced heavy taxes on goods imported from China, Mexico, and Canada.
As a result, UNI dropped below the historically key support level of $10.3 after falling by over 5.30% on Sunday to settle at $9.84. It is currently trading at $9.90, down 2.3% in the past 24 hours. Its price has also been down 8.4% in the last seven days.
This decline coincides with increased outflows across DEX networks. UNI experienced a decrease in Total Value Locked by more than 10% in the past 30 days. According to DeFillama, Uniswap’s TVL currently stands at $5.455 billion. The decline reflects a decreased DeFi engagement, which occurs mainly due to traders’ disinterest following recent macroeconomic concerns.
As a result, UNI’s trading volume is witnessing significant declines. Competition between DeFi products, majorly newer L2 solutions and other DEXs, have also affected Uniswap’s token price and Total Value Locked.
However, Uniswap’s price is primed to see a recovery following the recent upgrades on its network. On Friday, Uniswap Lab launched Uniswap V4, a highly anticipated upgrade for developers. This new update seeks to redefine the DeFi sector and equip DeFi developers with abilities that in the past were reserved for big financial institutions. It also wants to improve the modulation of liquidity pools and decrease transaction costs.
Apart from the upgrade, recent whale increased participation suggests that potential uptrends are imminent, possibly pushing the asset’s value up.
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