Uniswap [UNI] broke into the top cryptocurrencies held by the top 100 Ethereum [ETH] whales lately. According to prominent whale tracker, WhaleStats, UNI, shook off competition from other smart contracts protocol to gain the position.
Additionally, the automated liquidity protocol was also part of the smart contracts most used by the top 1000 ETH whales in the last 24 hours.
Fulfilling potential or not?
The development raised UNI’s volume held by the whales to $403,502. Besides this, UNI had increased its stake among ETH whales to $1.56% at a value of $40.35 million.
Notwithstanding, UNI did not seem impressed by the increased whale interest. According to Santiment, network growth in the Uniswap ecosystem had been declining since 17 September when it reached 1084.
From the last 24 hours, UNI’S network growth has declined even further to 317. Considering its volume, UNI had largely been lackluster with the last notable surge in July. At press time, Santiment revealed that the volume was $115.68 million. Although it was 2.37% higher from the previous day, it was almost considered a negligible increase.
On the Market Value to Realized Value (MVRV) side, it was not less of a disaster. Based on Santiment data, the thirty-day MVRV ratio was -5.399%. This current position indicated that the UNI investors may not resume selling their holdings soon. Also, at the current price, holders are more in losses than obtaining profit.
On the brighter side, supply on exchanges have been increasing. In fact, it had been since the start of September, and was 62.55 million at press time. Although there was no signal that UNI was going to continue the trend in the coming weeks.
Is breaking free not important?
However, the $5.99 UNI price at press time seemed like it wanted to grab some positive impact from the whales activity. The resolve from the four-hour showed that there were some obstacles involved.
According to the Directional Movement Index (DMI), UNI was in a great position for a sustained uptick. With the positive DMI (green) at 25.13, and the negative (red) at 13.49, investors may assume that greens are sure.
Unfortunately, the Average Directional Index (ADX) seemed to have other plans. As the +DMI was following an upward trend, the ADX (yellow), showed that the directional strength was not strong enough to further the uptick.