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Uniswap (UNI) Whale Accumulation Grows 590%, Here's Likely Reason

Tue, 05/02/2023 - 14:54
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Godfrey Benjamin
Uniswap's whale transaction count soars to new high, sustained innovation and pioneering advantage might be causes
Uniswap (UNI) Whale Accumulation Grows 590%, Here's Likely Reason
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Uniswap large transaction growth

Decentralized exchange protocol Uniswap (UNI) is seeing an impressive uptick in the total number of large transactions occurring within its platform. According to data from IntoTheBlock (ITB), the daily uptick in UNI transactions exceeding 100,000 recorded a 599% upsurge.

While it remains unclear what is driving this massive whale accumulation, the recent launch of the Uniswap Mobile wallet is perhaps helping to drive the accumulation of UNI for custody on the noncustodial wallet.

Per data published by ITB, daily whale transactions shifted from 5 to 16, with an average of 36 recorded for the week.

Uniswap Large Transactions
Image Source: IntoTheBlock

Attractiveness of UNI tokens

Typically, UNI does not rank as one of the digital currencies favored by whales, in part due to its core utility status. However, as the native asset of the largest DEX in the digital currency ecosystem, UNI still has its inherent attractiveness.

UNI remains a legacy token, and given the fact that the associated trading platform is often positively tilted toward embracing innovation, the chances that interest in the asset will keep growing over time are notably high.

Uniswap (UNI) Mobile Wallet Launches in Limited Release for This Reason

The UNI price also has the propensity to grow in the near to long term with its largely underperforming price. At the time of writing, UNI is changing hands at $5.30, a price point 88% below the $44.97 it printed as its all-time high (ATH) more than two years ago. With the great upside for growth, UNI may continually see more whale accumulations in the near future.

Enjoying Ethereum sentiment

UNI is the de facto decentralized exchange on the Ethereum protocol. While Ethereum will continually enjoy the benefits of being the pioneering smart contract network, including in high profile partnerships, so too will Uniswap continually enjoy the benefits of being the pioneering DEX protocol in the space.

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About the author

Godfrey Benjamin is an experienced crypto journalist whose main goal is to educate everyone around him about the prospects of Web 3.0. His love for crypto was birthed when, as a former banker, he discovered the obvious advantages of decentralized money over traditional payments. With his vast experience covering various aspects of Web3, Godfrey's articles has been featured on, Cryptonews and Coingape, among others.