WhaleStats is known for its daily analysis of the movements of the 1,000 largest wallets (whales) operating on the following protocols: Ethereum, Fantom, Polygon and Avalanche.
This week, it is the 1,000 wallets of whales operating on BSC that are the talk of the town. And for good reason! The Twitter account of the entity indicated that currently the $UNI token was the most traded by them.
As far as these holders are concerned, $UNI is now ahead of ETH in terms of trading volume. Its price against the dollar has increased significantly, with a rise of more than 10% at the time of writing.
One may naturally wonder where this renewed interest in $UNI by the 1,000 most important whales in the Binance Smart Chain (BSC) network comes from.
While it is difficult to pinpoint the reason why whales are turning to this token, we can identify a point that seems essential in the current context.
First, we recall that the $UNI token is a utility token, usable on a decentralized exchange, Uniswap.
Then, important movements seem to appear since last week on centralized exchanges.
A parallel can probably be drawn between the announcements of Jesse Powell, CEO of Kraken, and the interest for decentralized exchanges.
Indeed, Canadian Prime Minister Justin Trudeau had announced his intention to freeze the assets of some participants in the “Freedom Convoy”, which had reopened the question of regulation of the sector.
Shortly after this announcement, Kraken’s CEO wrote on Twitter to be careful what you put on centralized exchanges since they have no way to guarantee not to freeze funds in case of a state request:
“Yes 100% this has happened and will happen, and yes 100% we will be forced to comply. If you are concerned, do not hold your funds with a centralized/regulated custodian. We can’t protect you. Get your coins/cash out and only trade p2p” in the words of Jesse Powell himself.
Thus, with this data from Whalestats, we see more and more interest in the $UNI token from the decentralized exchange par excellence that is Uniswap. We could see similar movements in the coming weeks for other tokens that are part of the decentralized ecosystem.