Crypto News

Uniswap’s Governance Token, $UNI, Faces Decline Amidst Whales’ Accumulation

In recent days, the governance token of the decentralized trading platform Uniswap, $UNI, has experienced a notable decline of over 13% in value over the past week, following a remarkable 115% surge in the preceding month.

Despite this downturn, on-chain data indicates that whales within the cryptocurrency market are actively accumulating $UNI tokens amidst the price decline.

One such whale, identified as “0x3794,” withdrew a substantial amount of 86,467 $UNI tokens from Binance approximately 13 hours ago, adding up to a total withdrawal of 1.09 million $UNI tokens valued at $15.45 million since the beginning of March. 

Similarly, another entity known as “whitzardflow.eth” recently borrowed 200,000 $USDT from Aave and swiftly utilized the funds to purchase 14,049 $UNI tokens. Notably, whitzardflow.eth has accumulated a total of 262,044 $UNI tokens, equivalent to $3.72 million, since the onset of March.

UniSwap Launches Limit Orders Within The UniSwap Web App

Despite the market downturn, Uniswap continues to introduce new features and enhancements to its platform. The recent introduction of Limit Orders within the Uniswap web app is a significant development for traders, offering them the ability to execute buy or sell orders at their desired price points without the need for constant monitoring of price charts. 

These Limit Orders come with several advantages, including zero gas fees, no minimum swap size requirement, and no need for escrowed funds. If the market price reaches the specified level and a suitable counterparty fulfills the order, the transaction is executed automatically. 

Conversely, if the order remains unfilled within the designated timeframe, it expires, ensuring that the intended swap is never executed.

Overall, while $UNI faces a short-term decline in value, the continued accumulation by whales alongside the introduction of innovative features like Limit Orders underscores the resilience and evolution of the Uniswap ecosystem in the face of market fluctuations.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Leave a Comment

Your email address will not be published. Required fields are marked *