Uniswap gained more than 60% amid whale accumulation, according to data provided by Santiment. But whales don’t just buy UNI. The data revealed the alarming behavior of the whales.
Uniswap (UNI) sees strong whale buildup
Ethereum-based DEX platform Uniswap (UNI) has recorded a strong price rally over the past seven weeks. The UNI price has gained more than 150% in the last seven weeks. Thus, it once again returned to the top 15 cryptocurrencies by market value. On-chain data source Santiment shows that the UNI rally is due to whale accumulation and increased address activity.
According to Santiment, Uniswap’s daily active addresses have risen to over 1,100. This metric points to strong price movements as it is followed by strong address activity.
Uniswap whale accumulation
Since the May 2022 crash, Uniswap whales have accumulated large numbers of UNIs in greater percentages. Whales with 100,000 to 1 million UNIs have seen a massive increase in accumulation over the past two weeks. Santiment reported whale activity:
Speaking of whales, the amount of large transactions we think is worth $100,000 or more is also rising to May levels. We can clearly see the massive pile of whale transactions that started forming just before the massive price surge to $9.69 a week ago.
Whales don’t just buy UNI
According to Santiment, whales are also accumulating Tether (USDT) and USD Coin (USDC) even as the market rises. Firm analysts say this is indicative of investors’ skepticism about the sustainability of the latest crypto market rally:
Tether and USD Coin shark addresses are accumulating coins as crypto prices rise. This accumulation indicates disbelief in the rally, also known as the ‘wall of worry’, and unwillingness to buy.
Santiment adds that whale demand is reluctant to buy a bullish thesis for the market:
What we’re seeing here is that over the last 2-3 weeks (despite the price increase of Bitcoin, Ethereum and others) they have not been very keen on parting ways with their stablecoins, or even the opposite. This can be interpreted as disbelief in this price rally, reluctance to buy.
Sees increasing network activity on Polygon (MATIC)
According to Santiment, the Token Age Consumed metric typically used to detect local peaks has reached the ATH level. The metric measures the amount of tokens that changed address on a given date multiplied by the time since the previous move. According to company analysts:
MATIC’s Token Age Consumed metric has reached an all-time high, showing that old addresses are moving assets rapidly. We can also see that Polygon’s average dollar age has dropped as well, confirming that old, dormant addresses are moving large amounts of coins.
cryptocoin.comAs you follow, MATIC recently announced its partnership with Disney. MATIC was also one of the most traded tokens among Ethereum whales for a while.
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