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Uniswap: Why Ethereum whales are not the agents needed for a ‘twist of fate’

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Uniswap [UNI] broke into the top cryptocurrencies held by the top 100 Ethereum [ETH] whales lately. According to prominent whale tracker, WhaleStats, UNI, shook off competition from other smart contracts protocol to gain the position. 

Additionally, the automated liquidity protocol was also part of the smart contracts most used by the top 1000 ETH whales in the last 24 hours. 

Fulfilling potential or not?

The development raised UNI’s volume held by the whales to $403,502. Besides this, UNI had increased its stake among ETH whales to $1.56% at a value of $40.35 million.

Source: WhaleStats

Notwithstanding, UNI did not seem impressed by the increased whale interest. According to Santiment, network growth in the Uniswap ecosystem had been declining since 17 September when it reached 1084. 

From the last 24 hours, UNI’S network growth has declined even further to 317. Considering its volume, UNI had largely been lackluster with the last notable surge in July. At press time, Santiment revealed that the volume was $115.68 million. Although it was 2.37% higher from the previous day, it was almost considered a negligible increase.

Source: Santiment

On the Market Value to Realized Value (MVRV) side, it was not less of a disaster. Based on Santiment data, the thirty-day MVRV ratio was -5.399%. This current position indicated that the UNI investors may not resume selling their holdings soon. Also, at the current price, holders are more in losses than obtaining profit.

On the brighter side, supply on exchanges have been increasing. In fact, it had been since the start of September, and was 62.55 million at press time. Although there was no signal that UNI was going to continue the trend in the coming weeks.

Source: Santiment

Is breaking free not important?

However, the $5.99 UNI price at press time seemed like it wanted to grab some positive impact from the whales activity. The resolve from the four-hour showed that there were some obstacles involved.

According to the Directional Movement Index (DMI), UNI was in a great position for a sustained uptick. With the positive DMI (green) at 25.13, and the negative (red) at 13.49, investors may assume that greens are sure. 

Unfortunately, the Average Directional Index (ADX) seemed to have other plans. As the +DMI was following an upward trend, the ADX (yellow), showed that the directional strength was not strong enough to further the uptick.

Source: TradingView


Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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