Despite the rocky week for crypto, Uniswap (UNI) was able to maintain its upward trajectory, which is mostly due to an increase in whale activity for the native token of the decentralized exchange.
Since July 8, wallets holding between 10,000 and 1 million UNI coins have added about 10.7 million more UNI tokens to their holdings collectively. This is about $74.6 million in just 17 days.
This could be why Uniswap was one of the only crypto projects that showed any signs of growth throughout the otherwise flat week in the crypto market. According to data from the blockchain analysis firm Santiment, SushiSwap was the only other chain to show some growth.
Another reason for Uniswap’s growth could be the rise in DeFi. Notably, Uniswap is now the leading DeFi DEX in terms of Total Value Locked (TVL).
At the moment, the Uni community is divided over Uniswap’s latest fee proposal which stipulates that a portion of the trading fees will go to Uniswap’s treasury for development and security.
About 10% of the trading fees generated will be sent to the treasury. This amounts to $20,000 to $40,000 per day.
Those opposed to the decision believe that the current market conditions are not set up for a change like this and that other issues should rather be addressed.
Luckily, the recent whale activity for UNI is creating some positivity for the project as it could lead to a price bump.
UNI/TetherUS 1d (Source: CoinMarketCap)
According to CoinMarketCap, UNI is trading at $6.75 after a 1.64% increase in price over the last 24 hours.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CQ. No information in this article should be interpreted as investment advice. CQ encourages all users to do their own research before investing in cryptocurrencies.
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Source: Cryptocurrency - investing.com
