Uniswap (UNI) becomes the most traded asset among the top 1000 whales

Uniswap is now the most traded cryptocurrency among Binance whales. UNI is now ranking at the top of the 1000 addresses on Binance Smart Chain (BSC). It has surpassed Ethereum by trading volumes.

Uniswap’s popularity among whales

Data from WhaleStats shows that UNI is now ranking among the top ten most utilized smart contracts among Binance whale addresses. Moreover, UNI is also the most held token among the top 1000 Ethereum wallets. Hence, nearly each whale wallet address has more than one UNI token.

UNI is one of the most popular tokens among the largest whale addresses. UNI is a utility token used on the Uniswap decentralized exchange (DEX). UNI tokens are needed by those who want to use the DEX.

Whale activity is still high

The cryptocurrency market has not been performing well over the past few months. The downtrend was triggered by speculation of hiked interest rates by the US Federal Reserve. It was followed by geopolitical tensions between Russia and Ukraine, and many cryptocurrencies are stagnating at low levels.

Despite the performance, whale addresses are still active. WhaleStats has revealed the top ten ranking tokens popular among 1000 Ethereum whales. Some of the tokens in this list include ETH, MATIC, etc. WhaleStats has also revealed the purchases of MATIC, YFI and other DeFi related tokens. The accumulation comes despite the market uncertainty.

While the whale addresses are going contrary to the market trend, they are doing very little to prevent the market selloff. The global cryptocurrency market has shed around 13% during the recent downtrend. Around $15 billion worth of different tokens has been transferred to crypto exchanges during the past week.

The $15B flowing into exchanges includes some of the largest cryptocurrencies such as Bitcoin, Ethereum and Tether (USDT). The slow performance triggered the selloffs, including that of Bitcoin that touched June 2021 lows of $34K last week. Most of the tokens in the top 100 list are also losing value during the ongoing bear market, and the free fall is not showing signs of cooling off.

The post Uniswap (UNI) becomes the most traded asset among the top 1000 whales appeared first on Invezz.