UNI was one of the cryptos that held the top 100 ETH whales
The funding rate and MVRV ratio increased, with growth in the NFT space
Uniswap [UNI] outperformed several other larger-cap cryptos by posting double-digit gains in a single day.
CoinMarketCaps data revealed that the price of UNI has increased by more than 11% and 23% respectively in the past 24 hours and week. At the time of writing, UNI was valued at $6.78 with a market cap of over $5.1 billion.
Realistic or not, here it is UNI’s market cap in terms of BTC
The recent upward trend could have played a key role in generating interest in whales. WhaleStats, a popular Twitter handle that posts updates related to whale activity, revealed that UNI was one of the cryptos that held the top 100 Ethereum whales.
🐳 The top 100 #ETH whale hodling
Whale leaderboard 👇https://t.co/N5qqsCAH8j pic.twitter.com/0EYhh5oRAs
— WhaleStats (crypto whale tracking) (@WhaleStats) January 13, 2023
What works in favor of UNI?
LunarCrush’s data also painted an optimistic picture for UNI as the Galaxy Score was bullish. This suggested a continued price increase in the coming days.
TOP 15 coins from @LunarCRUSH Galaxy score
Galaxy Score – proprietary score that crypto continually measures against itself with respect to the community metrics it pulls in from the internet$YOOSHI $WAN $FTM $WAVES $UNI $ HOOK $ANKR $ROS $NAKA $XAVA $ANC $BOO $ FAST $PNG $LPOOL pic.twitter.com/pfyJERChUu
— 🇺🇦 CryptoDiffer – StandWithUkraine 🇺🇦 (@CryptoDiffer) January 13, 2023
In addition, a look at the Santiment chart indicated that aside from the Galaxy Score, some of the other on-chain metrics remained supportive over the past seven days.
For instance, UNIs demand in the derivatives market increased as the Binance Funding Rate remained consistently high. UNI’s MVRV ratio has also increased in recent days, which has been bullish. The development activity of the network also increased steadily, implying that developers worked hard to improve the network.
Positive feelings around UNI peaked in the press, boosting community confidence UNI.
Read Uniswaps [UNI] Price prediction 2023-24
A quick look at Uniswap’s NFT space
A few days ago, Uniswap announced the launch of a new NFT aggregator in its latest attempt to secure a share of the NFT market. NFT listings from different marketplaces, such as OpenSea, are aggregated so that they can be viewed from a single interface.
Since then, UNI’s NFT space has grown, as shown by Santiment’s chart. While UNI’s total NFT trading volume has declined slightly, overall USD NFT trading volume has increased over the past week.
This post Why UNI’s Latest Rally Is More Than Just ETH Whales Showing More Interest
was published first on https://ambcrypto.com/why-unis-latest-rally-is-more-than-just-eth-whales-showing-increased-interest/