Could Uniswap be winner of the week with this slight change in transactions

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  • The price of Uniswap spiked amid a 9.1 mil­lion UNI whale transaction
  • Although reliev­ing, there was no cer­tain­ty that UNI would remain bullish

Uniswap [UNI] appre­ci­at­ed by 7.06% in the last 24 hours, a rise that might be relat­ed to a recent whale trans­ac­tion. Accord­ing to whale track­ing plat­form WhaleAl­ert, on 12 Novem­ber, about $50 mil­lion was moved to and from an unknown wallet.


ReadUniswap’s [UNI] price pre­dic­tion 2023–2024


The auto­mat­ed liq­uid­i­ty pro­to­col token had remained stuck in the $5.50 region for most of the day. How­ev­er, Uniswap con­curred with the green’s action a few hours after the update. Accord­ing to Coin­Mar­ket­Cap, the cryp­tocur­ren­cy hit $6.04 before declin­ing to $5.84 at press time.

 Whale era amid downturn

On eval­u­at­ing on-chain data, San­ti­ment revealed that the trans­ac­tion was one of many whale trans­fers that occurred of late. The on-chain ana­lyt­ic plat­form showed that whale trans­ac­tions worth over $100,000 rose to 173 on 12 November. 

Based on details from San­ti­ment, this was the high­est UNI wit­nessed in months. While the trans­ac­tions worth $1 mil­lion and more were only two, one can­not ignore the influ­ence of the six-fig­ure transactions.

Uniswap whale transactions

Source: San­ti­ment

Although the $100,000 whale trans­ac­tions had decreased to 24 at the time of writ­ing, UNI main­tained a grip on its bull­ish momen­tum. Despite that, the vol­ume seemed inac­tive in the quest for more uptick. At press time, UNI had lost 54% of its 24-hour trad­ing vol­ume, bring­ing the val­ue down to $187.55 mil­lion. This decrease implied that UNI token trans­ac­tions with­in the net­work had sig­nif­i­cant­ly fall­en off, includ­ing loss­es and profits. 

Apart from the vol­ume drop, the weight­ed sen­ti­ment opt­ed went in the oppo­site direc­tion. Data from San­ti­ment showed that UNI’s weight­ed sen­ti­ment had exit­ed the lows of ‑1.122. With the met­ric ris­ing to ‑1.117, Uniswap was a core asset looked at by investors across social net­works. Irre­spec­tive of the atten­tion, it was no guar­an­tee that UNI would remain in the bull­ish zone.

Uniswap market sentiment

Source: San­ti­ment

On growth and further actions

Con­se­quent­ly, it seemed that an impres­sive num­ber of new address­es were cre­at­ed on the Uniswap net­work. This was because the net­work growth, which was 228 on 3 Novem­ber, surged to 1,154 at the time of this writ­ing. For some, this might not be sur­pris­ing con­sid­er­ing the FTX issue that encour­aged a cen­tral­ized exchanges slan­der. With Uniswap offer­ing an appar­ent­ly bet­ter solu­tion to DeFi, more investors might have begun the switch to DEX usage. 

Uniswap price and network growth

Source: San­ti­ment

Addi­tion­al­ly, Uniswap’s founder, Hay­den Adams, had repeat­ed­ly preached about DeFi since the FTX prob­lems came to light. In a recent tweet, he said,

“If you think trad­fi offers the solu­tion here I have a bank that gam­bled your mon­ey on shit­ty loans backed by col­lat­er­al just as bad as FTT for you to bail out because they’re “too big to fail”We need to build a bet­ter sys­tem in DeFi, with trans­paren­cy and sound­ness built in.”



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