According to analytics firm Santiment, a popular altcoin project is in the focus of whales. According to the data, Uniswap (UNI) holders are hoarding the cryptocurrency massively. Here are the details…
Uniswap holders continue to accumulate
Santiment notes that addresses holding between 10,000 and one million Uniswaps added 10.74 million more UNIs to their holdings between July 8 and July 24, representing 1.1 percent of the asset’s total supply. According to the analytics firm, the 16-day accumulation of UNI stakeholders equates to more than $74.3 million in crypto assets.
The decentralized exchange (DEX) is now also competing with Curve’s (CRV) dominance over the decentralized finance (DeFi) space. IntoTheBlock reported that Uniswap’s locked total (TVL) briefly exceeded Curve last week. Curve has been the top DEX for TVL for over a year, according to the analytics firm. It has since reclaimed the top spot, but the race is very close between the two DEXs. At the time of writing, Curve has $5.86 billion in TVL and $5.85 billion in Uniswap. A Blockchain’s TVL represents the total capital held in its smart contracts. TVL is calculated by multiplying the amount of collateral locked into the network by the current value of the assets.
Bitcoin and altcoin markets await FOMC
Santiment also predicts that Ethereum (ETH) prices will remain volatile as investors prepare for the Federal Open Market Committee (FOMC) meeting scheduled to take place today. According to Santiment, Ethereum ended the week with ups and downs. It climbed above $1,640 before falling to $1,540. Investors are waiting for prices to drop towards the FOMC meeting, according to Santiment, which says traders continue to disbelieve the hype. So, expectations are high for ETH to remain volatile.
As we have reported as Kriptokoin.com, many investors will be watching the FOMC. July 27, the Federal Open Markets Committee (FOMC) will announce its next base rate hike, with expectations fluctuating between 75 and 100 basis points in size. However, an increase of 75 basis points is expected for the most part. However, both rates reflect both concerns about inflation and a desire to tame the economy. Therefore, it cannot be said that it is very favorable for cryptocurrencies.
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