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

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