Uniswap Records New ATH, Boosted by Record-Breaking Amount of New Whale Addresses

Godfrey Benjamin  Jan 26, 2021 14:43  UTC 06:43

2 Min Read

As the market experiences its usual upswing, decentralized finance (DeFi) token Uniswap (UNI) has achieved another record by soaring to a new all-time high price figure.

According to crypto market data analytics platform Santiment, the new surge to an all-time high price above $13 may have been prompted by the increase in the number of addresses holding at least 100,000 UNI tokens. These addresses are at their all-time high (ATH) of 237.

The innovation of DeFi platforms and the total value locked in the DeFi industry took a new turn last year. The momentum generated by DeFi tokens over the past year has all but confirmed that DeFi's budding potential.

Uniswap’s UNI tokens have seen an exceptional run in the past weeks, marked by a 272.3% growth over the past month, and an increase of 38.4% in the past week.

While the number of whales holding the tokens is telltale of the improving perception of the token as an investible asset, on-chain data from Glassnode shows increasing median transaction volume, a move that is being fueled by retail UNI holders.

Season of All-Time Highs, DeFi Not Left Behind

The market is throwing a lot of profit darts at investors at this time as many cryptocurrencies and tokens are surging to new all-time highs. Beginning with Bitcoin, the leading virtual currency set the pace for new ATHs this year after soaring as high as $41,500.

Trailing behind Bitcoin, Ethereum (ETH) also traded at a new all-time high of $1,460 yesterday, arguably setting the pace for DeFi protocols that run on its network. Amid the ATH milestone, DeFi token Aave (AAVE) has also pushed to impressive records in recently, and although Uniswap is seeing a bearish correction at the time of writing, its latest ATH milestone is an indication that the DeFi space is gaining a corresponding amount of traction.

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