Uniswap price tumbles despite surging whale activity – Why?
The post Uniswap price tumbles despite surging whale activity – Why? appeared on BitcoinEthereumNews.com.
contributor Posted: December 27, 2024 Uniswap’s large transactions surged by 200% in just 24 hours. Exchange inflows dropped steadily over the last three days as the altcoin’s price plunged by 9% in less than 48 hours. Uniswap’s [UNI] market activity is sending mixed signals, leaving market participants scratching their heads on its potential trajectory in the near future. On the one hand, the altcoin’s whale activity spiked, as evident from its large transactions shooting up by an impressive 200% within the last 24 hours alone. On the contrary, UNI exchange inflows have been shrinking for three consecutive days. To complicate matters further, Uniswap’s price has taken a sharp nosedive, losing 9% in value in less than 48 hours. What does this conflicting data mean for the altcoin’s future? Let’s break it down. Uniswap whale activity skyrockets, but why? Historically, large transactions mirror whale activity, and Uniswap large transactions have seen a dramatic surge according to the IntoTheBlock data. The altcoin’s 200% increase in large transactions over the last 24 hours indicated that the market’s big players are making huge moves. This kind of activity can stir excitement since it often foreshadows strategic market positioning. Yet, it cannot be determined whether whales are actually accumulating the Uniswap tokens for a bullish play or preparing to offload the holdings. Source: IntoTheBlock The lack of clarity leaves the market guessing, with market participants treading carefully through uncertainties. Shrinking exchange inflows add to the mystery While whale activity is heating up, exchange inflows are cooling down. According to data from CryptoQuant, the amount of tokens flowing to exchanges in the last three days has been on a drastic drop. In general, this downtrend is a sign that traders are holding, not preparing to sell their assets. However, a reduction in inflows could also suggest…
Filed under: News - @ December 27, 2024 3:01 am