Uniswap joined the list of digital coins that the top 100 ETH whales held lately. The renowned whale tracker site WhaleStats shows UNI threw off competition from different ‘smart’ contracts platforms to attain the position.
Furthermore, the automated liquidity site joined the most utilized smart contracts list by the leading 1000 Ethereum whales over the past day.
The development propelled UNI’s volume by whale investors to $403,501. Besides that, Uniswap had surged its stake among Ethereum whales to 1.56% at a $40.35 million value.
Nonetheless, UNI didn’t appear impressed by the whale interest uptick. According to Santiment’s days, Uniswap has seen declining network growth since September 17, when it hit 1084.
UNI saw its network growth plummeting further within the past day to 317. Considering the asset’s volume, Uniswap had been lackluster, with its last considerable uptick in July. While writing these lines, Santiment shows the trading volume stood at $115.68 million.
Though that represented a 2.37% surge within the past day, it remained a somewhat negligible surge. The MVRV (Market Value – Realized Value) front showed it wasn’t less of a tragedy.
Santiment’s data showed the 30-day MVRV ratio stood at -5.399%. This position showed UNI enthusiasts might not start selling their balances soon.
Moreover, Uniswap investors endure more losses than profits at current price levels. On the positive front, exchange supply has maintained an upside curve since early September, at 62.55 million during this publication. Nevertheless, nothing confirmed UNI’s readiness to extend this trend in the upcoming weeks.
Is Breaking Free That Important?
Meanwhile, the $5.99 press time UNI price appeared prepared to claim some optimistic effect from the whale activity. Assessing the 4hr chart indicated some hurdles. According to the SMI (Directional Movement Index), UNI stayed in a lucrative spot for sustained surges.
Investors might assume guaranteed greens as the +DI stands at 25.13 while the –DI swayed at 13.49. Unfortunately, the ADX (Average Directional Index) appeared with another tale. The upsides trend by +DMI indicated that the directional momentum wasn’t massive to support continued upticks.