Today, the decentralized exchange's token witnessed a significant bull push thanks to the whales, who made it the most traded asset on BSC.
Being the biggest Decentralized exchange in the world, Uniswap conducts more than $2 billion in trade volume every day.
Although it continues to be in constant competition with its closest competitor, dYdX, Uniswap still holds a 17.3% higher domination in market share.
Apart from being the biggest DEX, Uniswap also used to be one of the 15 biggest cryptocurrencies in the world.
However, its descent since September pushed the coin farther below to the #22 spot on the list. But that did not stop UNI from still making headlines.
As per WhaleStats, the altcoin managed to defeat the altcoin king, Ethereum, in becoming the most traded token in the last 24 hours.
The data is collected from the transaction of the 1000 biggest whales on the Binance Smart Chain (BSC).
JUST IN: $UNI @Uniswap had flipped $ETH to be most traded token by 1000 biggest #BSC whales 👏👏$UNI current price is $9.76, ups 10.4% over the last 24hrs 🚀🚀
Whale leaderboard: https://t.co/Uc1nehVFyZ pic.twitter.com/nLyxvfpoZU
— WhaleStats – the top 1000 BSC richlist (@WhaleStatsBSC) February 28, 2022
However, the interesting observation here is that despite being the most traded token today, Uniswap doesn’t have a substantial presence in any whale’s wallet.
The total holdings of these wallets include Ethereum, having a 12.89% domination, Polygon (MATIC), having 2.88% domination.
Even Dogecoin and Cardano have a 1.83% and 0.47% domination in these 1000 whales wallets,’ but Uniswap doesn’t.
But apart from being the most traded BSC whale asset, the coin also witnessed about $1 million worth of long contracts being liquidated in the last 24 hours.
The volume of long liquidation has been rising since February 19. And for that reason, UNI’s price rise is supported by investors’ bullishness.
Right now the price is up by 10.5% trading at $10.01. For UNI the critical resistance is set at $12.46, which is still far away.
Regardless, Uniswap as an asset is not very lucrative right now, and new investors looking to jump in might want to be careful.
The risk-adjusted returns (Sharpe Ratio) are negative 0.50, indicating it is not a good investment time. It would be wiser to wait for a more stable recovery and for indicators to be more bullish.
Holding a Mass Media Degree has enabled me to better understand the nitty-gritty of being a journalist and writing about cryptocurrencies’ news and price movements, effects of market developments, and the butterfly effect of individual assets nurtured me into a better investor as well.