Whale Rapidly Stacking Uniswap, UNI To $10?
27 Noviembre 2023 - 7:00PM
NEWSBTC
An active crypto whale has been steadily accumulating UNI, the
native token to Uniswap, one of the world’s most active
decentralized exchanges (DEXes). This development suggests that the
address believes the token may edge higher in the coming trading
days or weeks, extending gains after a sharp leg up on November 22
when UNI soared, breaking above key resistance levels. Whale
Loading Up More UNI, Back To $10? According to recent
Lookonchain data, an Ethereum address, stevu.eth, withdrew
311,302 UNI worth $1.93 million from Binance, the world’s largest
crypto exchange, on November 25, pushing its total UNI holdings to
511,301 UNI, or $3.18 million. Related Reading: Cosmos Co-Founder’s
Controversial Proposal Triggers 11% Plunge In ATOM Notably, this
acquisition follows a withdrawal of 500,545 UNI ($2.42 million)
from OKX on June 29, which stevu.eth deposited to Binance and OKX
in August. However, the recent accumulative behavior on November 25
indicates that the whale is bullish on UNI, possibly expecting
prices to float back to $10, a level last seen in August 2022.
Presently, UNI is trading within a bullish breakout formation,
looking at the performance in the daily chart. Changing hands at
around $6.2 when writing on November 27, the token is up
approximately 60% from October lows. Even with the confidence, UNI
prices have been mostly consolidating, moving horizontally at spot
rates. If buyers press on, a close above $6.6 with expanding
volumes might confirm buyers of November 22. In that case, the
resulting momentum might form the base for another leg up, pushing
the token to August 22 highs of around $10. Uniswap v4 Expectations
The whale’s confidence in UNI aligns with the ongoing development
of Uniswap v4, an upgrade that will significantly enhance
the DEX. In this update scheduled for a tentative period in 2024,
Uniswap Labs, the team behind Uniswap, is introducing a concept
called “hooks.” Hooks are contracts that can be executed at
various stages of a pool’s lifecycle. According to the team, Hooks,
which act as more plugins, provide increased flexibility and
customization for Uniswap’s liquidity pools. As such, it would be
possible for users to enable features like dynamic fees, refined
market making, and even advanced orders executed on-chain. Related
Reading: Renowned Finance Author Says Buy Bitcoin Now Before It’s
Too Late, Here’s Why What’s notable about Uniswap v4 is the
introduction of “singleton” contract architecture. All Uniswap
liquidity pools will reside inside a single, smart contract in this
design change. The team notes that this can significantly reduce
gas costs and, more importantly, reduce routing efficiency across
numerous pools. Feature image from Canva, chart from TradingView
Uniswap (COIN:UNIUSD)
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Uniswap (COIN:UNIUSD)
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De Jul 2023 a Jul 2024