Whale Activity in Uniswap (UNI): What Impact Will It Have on Altcoin? - COINTURK NEWS
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Whale Activity in Uniswap (UNI): What Impact Will It Have on Altcoin?

8:15 pm (22 days ago)
September 5, 2023

According to Lookonchain’s post dated September 5, a prominent whale recently deposited 850,000 Uniswap (UNI) tokens through Wintermute to Binance (BNB). The total value of this token deposit was approximately $3.76 million. Subsequent information revealed that the same whale acquired 5.44 million UNI tokens with a total value of approximately $24 million.

Movement in UNI!

Following this recent transaction, the whale now holds approximately 1.59 million UNI tokens, equivalent to around $7 million. However, this is not the only notable Uniswap transaction observed this week. According to a recent report, UNI tokens were transferred between blockchains by FTX, resulting in an estimated total value of approximately $1.8 million for the transferred UNI tokens.

Analysis of Uniswap’s currency flow data on Santiment revealed a significant increase in currency flow. Additionally, there was a significant increase in inflow on September 5, reaching approximately 64,000 UNI tokens.

This increase represented the highest UNI token volume flowing into exchanges within approximately two months and ranked as the second-highest since April. In contrast, the analysis of outflow data may indicate relatively lower activity. At the time of writing, UNI outflow was at approximately 314 tokens.

UNI Price Future!

This situation indicates that more UNI tokens are entering exchanges rather than leaving them, with a larger amount of tokens being sold and fewer being held in custody. Examining the daily timeline chart of Uniswap reveals a correlation between the sudden increase in currency flow and price trends. At the time of writing, UNI was trading at approximately $4.3, indicating a decrease of more than 3%.

This decline interrupted the series of price increases that UNI had experienced for consecutive days. This price drop of over 3% affected UNI’s relative strength index (RSI). Previously, the price trend gradually moved the token away from the oversold zone, but at the time of writing, it was reversing in that direction.

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