Uniswap and Pepe whales increase holdings amid price dips
- Uniswap and Pepe on-chain data suggest a decrease in Supply on Exchanges.
- On-chain data suggest that UNI and PEPE whales are accumulating.
- Investors should be cautious about decreasing Active Addresses and Network Growth.
Large-wallet investors are taking advantage of the current dip in Uniswap (UNI) and PEPE (PEPE) prices to accumulate these tokens, on chain-data shows, potentially signaling whales’ confidence in the future performance of these coins.
According to data from Lookonchain, significant whale activity has been observed in UNI and PEPE markets. On Monday, one address withdrew 870,827 UNI tokens, valued at $8.5 million, from the OKX exchange. Similarly, another address withdrew 303.4 billion PEPE tokens, worth $3.8 million, from Binance.
Whales/freshwallets bought $UNI, $BLZ $PEPE and $TRB.
— Lookonchain (@lookonchain) June 10, 2024
0x3492 withdrew 870,827 $UNI($8.5M) from #OKX 1 hour ago.https://t.co/fDNkGukDP4
0xe841 withdrew 7.69M $BLZ($2.16M) from #Binance 1 hour ago.https://t.co/dZtkV4i6I0
0x81cC and 0xf226 withdrew 303.4B $PEPE($3.8M) from… pic.twitter.com/wnQ3Gpnng7
Uniswap whale activity suggests optimism
Santiment's data on Supply on Exchange illustrates the total amount of UNI held across centralized exchanges (CEX), decentralized exchanges (DEX), and outside exchanges. An increase in this index suggests potential sell-offs or the formation of local price tops, while a decrease indicates whale accumulation or local price bottoms.
In the case of UNI, the Supply on Exchange decreased from 70.26 million on June 6 to 69.26 million on June 10, coinciding with a 12% price drop. This decline suggests that large investors accumulated during the dip, indicating their confidence in a price rebound.
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UNI Supply on Exchange chart
Santiment's Supply Distribution metric shows that between June 9 and June 10, holdings by whales with 100,000 to 1 million UNI tokens increased from 94.99 million to 96.01 million. In contrast, wallets holding 10 million to 100 million UNI decreased from 124.39 million to 123.51 million.
This suggests that the second set of whales sold their holdings to the first cohort, explaining the decreasing supply of UNI on exchanges.
%2520%5B12.17.03%2C%252010%2520Jun%2C%25202024%5D-638536063316965029.png&w=1536&q=95)
UNI Supply Distribution chart
Pepe whales are also accumulating
Santiment's data on Supply on Exchange shows that PEPE's supply decreased from 171.93 trillion on June 6 to 170.18 trillion on June 10, coinciding with a 14% price crash. Similar to Uniswap’s case, this decrease indicates that large investors are buying the dips.
%2520%5B12.34.08%2C%252010%2520Jun%2C%25202024%5D-638536064562967259.png&w=1536&q=95)
PEPE Supply on Exchange chart
Despite on-chain data showing that UNI and PEPE whales are buying amid the recent price dip, Active Addresses and Network Growth of these coins have remained low, suggesting that investors should not anticipate an immediate price rally for these assets.
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UNI Active Address and Network Growth chart
%2520%5B12.59.24%2C%252010%2520Jun%2C%25202024%5D-638536065554755820.png&w=1536&q=95)
PEPE Active Address and Network Growth chart
Author
Manish Chhetri
FXStreet
Manish Chhetri is a crypto specialist with over four years of experience in the cryptocurrency industry.
