Recent weeks have seen a positive turn in the events of the crypto market, especially for Uniswap. Many crypto assets are seeing an increase in value. After the extreme crypto winter which left many protocol on the edge, this is now a positive sign.
Many witnessed dramatic price drops of up to half off since January 2022. This was a better description of the chaos experienced in the crypto-space.
In addition, the downtrend was exacerbated by the collapse of Terra, an algorithmic stablecoin, as well as its native token, LUNA. Many investors suffered losses of millions, causing tension throughout the crypto sector. As they tried to keep their ships afloat, some crypto service businesses were out of balance.
However, a few of them still went bankrupt with most of their depositors’ funds locked on their platforms. Some industry players are starting to lose faith in digital assets, as uncertainty, fear and doubt creep in.
Uniswap’s native token, UNI is increasing its value and all seems to be moving in a positive direction. Uniswap is now ranked amongst the 15 top cryptocurrencies in terms of market capital because it has experienced strong price increases.
The Ethereum-based, decentralized protocol also saw a substantial increase in value over the last seven weeks, hitting 150%.
Data from Santiment (an on-chain analytics company), shows that there was a significant increase in whale accumulations of UNI tokens. This is what explains both the price surge and surging address activity.
Santiment revealed that the number of Uniswap day-to-day active addresses has risen to more than 1,100. The protocol is poised to maintain the price action due to strong address activity.
Uniswap Whale Pushes for Positive Changes
Since May 2022’s crypto crash, the Uniswap whale address has shown positive results. Addresses have accumulated huge amounts of UNI coins, varying in large percentages. Whale addresses containing between 100 000 and 1,000,000 UNI tokens are showing remarkable performance in the last two weeks.
Santiment pointed out that they consider the highest-profile transactions to be those worth $100,000 and more. These transactions come from whales, and are returning to May levels.
It stated that the most recent notable transactions from whales were evident. Because such transactions occurred in the last week, just before the price rose to $9.69.
Uniswap is seeing an increase in active trader returns, along with its price rally. It has a 30-day average trader return of 22.5%.
The current price is well above the danger area, according to Santiment’s report. Despite Uniswap’s impressive price rally, Santiment has advised investors to tread with caution with the protocol.
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