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Cryptocurrencies: 9512 / Markets: 114689
Market Cap: $ 3 787 132 962 593 / 24h Vol: $ 200 392 171 953 / BTC Dominance: 58.653467328398%

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What’s causing UNI’s declining price action despite increased whale interest?

On 31 January, Uniswap [UNI] released details related to its new Permit2 smart contract, which is a token approval contract that can share and manage token approvals of different smart contracts. According to the latest tweet, Permit2 smart contract allows for seamless token approvals across web3 dApps, making things easier.

1/ Our new Permit2 smart contract allows for seamless token approvals across web3 dApps, making things easier & safer 💁‍♀️

But that doesn’t mean every dApp that integrates Permit2 automatically has access to your tokens.

Let us explain 🧵

— Uniswap Labs 🦄 (@Uniswap) January 30, 2023

 

Read Uniswap’s [UNI] Price Prediction 2023-24

With Permit2, users no longer have to execute multiple transactions when they connect to a new app. Moreover, Permit2 also allows setting expiries on approvals, meaning new protocols will only have permission for a customizable duration of time.

Incidentally, UNI once again became popular among the whales. According to WhaleStats, a popular Twitter account that posts updates related to whale activity, UNI was one of the top 10 purchased tokens among the 100 biggest Ethereum [ETH] whales, which reflected whales’ trust in the token despite UNI’s recent price action.

JUST IN: $UNI @Uniswap now on top 10 purchased tokens among 100 biggest #ETH whales in the last 24hrs 🐳

Check the top 100 whales here: https://t.co/N5qqsCAH8j

(and hodl $BBW to see data for the top 5000!)#UNI #whalestats #babywhale #BBW pic.twitter.com/rYxp0QpA0T

— WhaleStats (tracking crypto whales) (@WhaleStats) January 30, 2023

CoinMarketCap’s data revealed that UNI registered a nearly 2% decline in the last 24 hours, and at the time of writing, it was trading at $6.48 with a market capitalization of more than $4.9 billion.

A closer look at UNI’s on-chain metrics revealed whether this negative price action was due to the current bearish market or if something else was at work. UNI’s MVRV Ratio declined sharply on 30 January, which looked bearish. Furthermore, demand from the derivatives market also decreased as UNI’s DyDx funding rate registered a decline.

Though UNI failed to increase its price, positive sentiments around the token surged. Not only that, but CryptoQuant’s data revealed that UNI’s exchange reserve was decreasing, reflecting less selling pressure. On the other hand, active addresses were rising, reflecting more users in the network, which also looked optimistic.

Source: Santiment

How much are 1,10,100 UNIs worth today?

Like the few on-chain metrics, UNI’s market indicators also supported the possibility of a further price decline. The MACD was bearish, as it displayed a crossover in the sellers’ favor. UNI’s On Balance Volume (OBV) registered a decline, which was again a negative signal. Additionally, the Money Flow Index (MFI) was resting at the neutral mark.

However, the Exponential Moving Average (EMA) Ribbon remained on the bulls’ side as the 20-day EMA was above the 55-day EMA.

Source: TradingView

Source

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    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

  • 15.10.25 21:52 harristhomas7376

    "In the crypto world, this is great news I want to share. Last year, I fell victim to a scam disguised as a safe investment option. I have invested in crypto trading platforms for about 10yrs thinking I was ensuring myself a retirement income, only to find that all my assets were either frozen, I believed my assets were secure — until I discovered that my BTC funds had been frozen and withdrawals were impossible. It was a devastating moment when I realized I had been scammed, and I thought my Bitcoin was gone forever, Everything changed when a close friend recommended the Capital Crypto Recover Service. Their professionalism, expertise, and dedication enabled me to recover my lost Bitcoin funds back — more than €560.000 DEM to my BTC wallet. What once felt impossible became a reality thanks to their support. If you have lost Bitcoin through scams, hacking, failed withdrawals, or similar challenges, don’t lose hope. I strongly recommend Capital Crypto Recover Service to anyone seeking a reliable and effective solution for recovering any wallet assets. They have a proven track record of successful reputation in recovering lost password assets for their clients and can help you navigate the process of recovering your funds. Don’t let scammers get away with your hard-earned money – contact Email: [email protected] Phone CALL/Text Number: +1 (336) 390-6684 Contact: [email protected] Website: https://recovercapital.wixsite.com/capital-crypto-rec-1

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