Uniswap has gained remarkable attention from crypto traders amid the recent market consolidation. On Friday, December 27, Lookonchain posted on the X platform that a crypto whale has accumulated staggering amounts of Uniswap tokens.
Whale buys 100,000 UNI tokens
According to Lookonchain, the whale spent $1.42 million in USDC to buy 100,000 Uniswap tokens at $14.24 in a single transaction.
The trader’s action signals that whales are currently making strategic moves, buying potential assets, including Uniswap and others, while the crypto markets are still in the dip.
However, Uniswap’s market activity is at a crossroads, leaving market participants trying to think hard about its future potential price movement.
On one hand, the token’s whale activities have risen. This is evident from its big transactions increased by 4.44% in the last 24 hours while concentration by large holders currently stands at 83%, according to data from IntoTheBlock. Uniswap’s trading volume is currently up 51.60% to $623.79 million in the last 24 hours, signaling a recent increase in market activity, as per data from CoinGecko.
The surge of big transactions shows that the market’s big participants are making massive moves. This form of activity can trigger enthusiasm as it typically predicts strategic market repositioning.
On the other hand, the influx of Uniswap tokens to exchanges has been on a decrease. As per metrics from CryptoQuant, the quantities of tokens entering exchanges have been on a reduction in the past few days.
All in all, this downturn is an indicator that investors are holding, not ready to offload their assets. However, the decline in inflow could also signal a decreasing interest among retail investors.
This intriguing difference between increasing whale activity and declining inflows creates an interesting situation indicating that whales are spotting opportunities that retail traders are not seeing.
Uniswap price updates
Uniswap price has been up 15.9% in the last seven days, meaning that the altcoin is outperforming the global digital asset market which is down 0.80% currently. Its market valuation is also up 6.99% to $8.28 billion, making it number 23 in the entire crypto ecosystem. All these data indicate the asset’s uptrend momentum currently.
This rise shows the buyers are in force and whales supporting the market. However, its price action suggests the token could be in consolidation, reflecting the widespread corrections in the broader crypto markets. Whales’ rising buying pressure could see the token surge its price soon.
