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According to Lookonchain, which tracks on-chain activity, whales are accumulating Ethereum (ETH) 
$2,728, the native token of the DeFi platform Uniswap (UNI), and several other decentralized finance (DeFi) tokens. These purchases may lead to significant movements in the markets.
Whales and UNI Coin
Lookonchain reported that an unknown whale wallet withdrew 299,133 UNI from the Gate crypto exchange over the weekend. This transaction amounts to approximately $2.39 million. The market capitalization of UNI hovers around $4.71 billion, showing double-digit growth in the last week.
The same whale has also accumulated other DeFi altcoins like Aave (AAVE) and Maker (MKR). Between August 13 and September 12, they withdrew 19,373 AAVE ($2.95 million) and 596 MKR ($805,000) from the Binance exchange.
Longling Capital and Ethereum Investments
Lookonchain also noted that a whale wallet associated with investment firm Longling Capital purchased 5,000 ETH ($12.34 million) over the weekend. This wallet reportedly holds a total of 68,064 ETH, valued at over $168 million.
A third whale bought 31,173 AAVE ($4.8 million) and used these tokens as collateral to borrow funds for accumulating more tokens on the Aave platform. During this process, they borrowed 2.7 million GHO and exchanged it for USDC, which was deposited into Coinbase to purchase more AAVE.
As of the time of writing, Ethereum is trading at $2,634 and is ranked second by market capitalization. Aave is around $162.43 and ranks 44th by market value, showing a 6% increase in price over the past 24 hours.
Such movements by whales can enhance market liquidity and cause price fluctuations. Data like these can be crucial for understanding market trends and making investment decisions.
