Why Uniswap’s recent rally is more than just increased interest from ETH whales

Uniswap [UNI] outperformed several other cryptos with larger market capitalisations in a single day, registering double-digit gains.

According to CoinMarketCap, the price of UNI increased by more than 11% and 23% in the last 24 hours and week, respectively. UNI was worth $6.78 at the time of writing, with a market cap of more than $5.1 billion.

The recent uptrend may have played a significant role in attracting whale interest. WhaleStats, a popular Twitter handle that posts updates about whale activity, revealed that UNI was one of the cryptos held by the top 100 Ethereum whales.


🐳 The top 100 #ETH whales are hodling

$143,904,510 $BEST
$82,328,580 $LOCUS
$69,548,634 $SHIB
$54,079,306 $BIT
$45,040,571 #UnknownToken
$38,364,578 $MATIC
$35,607,938 $UNI
$29,912,204 $MOC

Whale leaderboard 👇https://t.co/N5qqsCAH8j pic.twitter.com/0EYhh5oRAs

— WhaleStats (tracking crypto whales) (@WhaleStats) January 13, 2023

What’s working in UNI’s favor?

LunarCrush’s data also painted a bullish picture for UNI, as its Galaxy Score was optimistic. This suggested a continued price surge in the coming days.

TOP 15 coins by @LunarCRUSH Galaxy Score

Galaxy Score – proprietary score that is constantly measuring crypto against itself with respect to the community metrics pulled in from across web$YOOSHI $WAN $FTM $WAVES $UNI $HOOK $ANKR $ROSE $NAKA $XAVA $ANC $BOO $QUICK $PNG $LPOOL pic.twitter.com/pfyJERChUu

— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) January 13, 2023

Moreover, a look at Santiment’s chart pointed out that, apart from the Galaxy Score, a few of the other on-chain metrics remained supportive over the last seven days.

For instance, UNI‘s demand rose in the derivatives market as its Binance Funding Rate remained consistently high. UNI’s MVRV ratio also increased during the last few days, which was bullish. The network’s development activity steadily increased as well, implying that developers were working hard to improve the network.

Positive sentiments around UNI spiked at press time, which marked the community’s trust and faith in UNI.

Source: Santiment

A quick look at the NFT space of Uniswap

A few days ago, Uniswap announced the launch of a new NFT aggregator in its latest effort to secure a piece of the NFT market. NFT listings from several marketplaces, such as OpenSea, will be combined in the aggregate so that they can be viewed from a single interface.

Since then, UNI’s NFT space has witnessed growth, as revealed by Santiment’s chart. Though UNI’s total NFT trade count went down slightly, its total NFT trade volume in USD went up over the past week.

Source: Santiment

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