Altcoin whales are accumulating Uniswap and Crypto.com through the dip
- Whales are accumulating altcoins like Uniswap and Crypto.com through the recent dip in prices.
- Increasing accumulation by whale addresses is considered bullish for the altcoin’s price.
- Analysts have predicted a rally in Uniswap and Crypto.com tokens.
Smart Money, capital controlled by institutional investors and large-wallet traders, has fluctuated over Christmas. Groups of whales have accumulated Uniswap and Crypto.com through the dip.
Analysts note an increase in number of whale addresses in Uniswap and Crypto.com
Movements of whale or large wallet holdings have an influence on altcoin prices. Analysts at the crypto intelligence firm Santiment have observed a spike in the number of whale addresses.
Whales are accumulating CRO, the native token of the Crypto.com chain. Addresses holding 100,000 to 10 million Crypto.com tokens have increased their holdings.
Crypto.com whale address holdings
The accumulation by large wallet holders started with Crypto.com’s purchase of the naming rights to Los Angeles’ sports arena.
Uniswap, a DeFi protocol that supports the exchange of cryptocurrencies, is among the key projects that witnessed a surge in price in the first half of 2021. Large wallet addresses are keen on adding more UNI tokens to their bags through the recent drop in price.
Layer-1 Ethereum scaling solutions have witnessed a price rally over the Christmas holidays. @AltcoinSherpa, a pseudonymous cryptocurrency analyst, believes that the altcoin rally has started.
A short thread on $ETH, other L1s ( $SOL $AVAX $NEAR), rotating, and breaking down old ideologies
— Altcoin Sherpa (@AltcoinSherpa) December 26, 2021
(yes, I realize it's Xmas. I can't turn my brain off, though) pic.twitter.com/SQ8CVzTpXU
Since Uniswap’s launch on the Polygon network, there is a spike in the altcoin’s network’s on-chain activity. 99.3% of Uniswap holders voted in support of the proposal to bring Uniswap v3 to Polygon.
Additionally, a $20 million fund was offered to boost the launch of Uniswap on the Polygon network. This fueled the bullish narrative for Uniswap price. As whale accumulation continues, analysts predict a price rally in Uniswap and Crypto.com.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
