UNI, the native coin of the leading decentralized exchange Uniswap is starting to see renewed attention from whales. Notably, the digital asset’s level of outflows from Binance is currently at its highest level since 2021.
Whales accumulate UNI quietly
According to exchange-level data received on Monday, an increasing number of whales are accumulating UNI. During its current price dip – when it is down 92.7 percent from its all-time high of $44.9 recorded in May 2021 – its accumulation pace is at its fastest in 5 years.
The following chart tracks the strength of that accumulation through the daily outflows generated by the largest transactions on Binance. As can be seen, the UNI top 10 wallet average outflow volume has been on a continual rise.
As for when the average outflow volume started to spike, it was when UNI’s price approached $3 that the average outflow from the 10 largest daily transactions on Binance hit record highs. Data shows that the latest instance UNI hit $3 was around July 2.
Over the aforementioned period, on-chain data shows an exodus of an average of 7,300 UNI from Binance daily via the top wallets. That average remains elevated even today, with 5,600 UNI accumulated daily by this same group of wallets.
Data from DeFi aggregator DefiLlama shows that Uniswap’s total value locked around $2.93 billion – down meaningfully from a peak of $9.9 billion recorded back in November 2021.
Meanwhile, the annualized revenue for the protocol hovers somewhere around $50.4 million, while the 30-day trading volume is close to $43.2 billion. The number of active addresses over the past 24 hours is around 2,730.
UNI getting ready for explosive move
Uniswap has firmly established itself as the top DEX in the DeFi space, hitting new milestones frequently. Consequently, UNI is showing positive signs of an impending price rally to the upside.
From a protocol-level perspective, on July 10, Uniswap governance proposed v4 protocol fee activation across 11 blockchains to increase UNI burn rate.
Long-term price outlook for UNI remains overwhelmingly bullish. On June 15, banking giant Standard Chartered predicted that UNI could surge by 40-times by 2030.
