Uniswap Becomes Most Traded Token By Binance Whales

Updated:

According to a recent WhaleStats report, Uniswap (UNI) has overthrown Ethereum to become the most traded digital asset among crypto whales on Binance, or top 1,000 BSC addresses on the network.

UNI also controls a spot in the top 10 most used smart contract networks by Binance whales. Even better, Uniswap is also the most held token among the top 1,000 ETH wallets (whales), indicating that almost all whale accounts on the crypto space hold at least one UNI token.

Pundits opine that the reason for the significant popularity of UNI among whale addresses is because of its decentralized nature and use on the highly-coveted Uniswap decentralized exchange (DEX). Intending users can only gain access to this exchange by using UNI, which they can get by swapping Ethereum tokens.

Meanwhile, WhaleStat also shared a report on the list of the ten most purchased tokens by the largest 1,000 ETH whales in the last 24 hours, including Ethereum, Polygon (MATIC), Chainlink ( LINK), and a few others.

The on-chain analytics provider also shared some tweets on other purchases of tokens by top whale accounts, including MATIC, Yearn.Finance, and other tokens, indicating massive whale accumulation amid the lingering market uncertainty.

Key Uniswap Levels to Watch — February 28

UNI has traded in an overall bullish pattern over the past four days but continues to stall around the psychological $10.00 mark as the broader market regains upward mobility.

UNIUSD – 4-Hour Chart on Coinbase. Source: TradingView

The cryptocurrency rebounded sharply a few hours after the Russian invasion announcement by Putin last week, which saw the entire crypto market shed hundreds of billions of dollars within a short period. Unlike most other coins, UNI did not stay subdued long following Thursday’s sell-off and had rallied by over 30% ever since.

That said, a clean break above the $10.00 mark over the coming hours should help UNI attack the critical $11.00 resistance, where my descending trendline resides. With a rich macroeconomic data docket for the week, I expect to see some fiery price action in UNI this week.

Meanwhile, my resistance levels are $11.00, $12.00, and $13.00, and my support levels are $9.00, $8.00, and $7.00.

Total Market Capitalization: $1.79 trillion

Uniswap Market Capitalization: $6.88 billion

Uniswap Dominance: 0.38%

Market Rank: #22

 

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.