Wenzel Orf

UNI Token Surges 11% in 24 Hours, Whales Keep Accumulating

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• Uniswap’s UNI token outperformed several other cryptos with a larger market cap, registering double digit gains in a single day.
• Data from WhaleStats showed that UNI was among the cryptos that the top 100 Ethereum whales were holding.
• On-chain metrics from LunarCrush and Santiment suggested a continued price surge for UNI in the coming days.

The cryptocurrency market was abuzz with news of Uniswap’s UNI token registering double digit gains in a single day. CoinMarketCap’s data revealed that UNI’s price had increased by over 11% and 23% in the last 24 hours and week, respectively, and at the time of writing, UNI was valued at $6.78 with a market cap of more than $5.1 billion.

The success of UNI was largely attributed to the growth in the NFT space. Funding rate and MVRV Ratio also increased, suggesting a bullish sentiment in the market. Realistic or not, this pushed the UNI market cap in BTC’s terms higher, which may have played a key role in garnering whale interest.

Evidence of this was found on WhaleStats, a popular Twitter handle that posts updates related to whale activity. The account revealed that UNI was among the cryptos that the top 100 Ethereum whales were holding. 🐳 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

Further evidence of UNI’s potential for further gains came from LunarCrush’s data, which 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

Additionally, a look at Santiment’s chart pointed out that a few of the other on-chain metrics such as the number of active addresses, transaction count and transaction volume were also increasing. This suggested that more investors were taking interest in the token, which could further contribute to its price rally.

With UNI having the potential to surprise the market with its gains and the whales continuing to accumulate the token, the UNI token could be in for a period of sustained growth in the near future.