Having Tasted the Snow, the Whale Started to Collect This Altcoin Again!

In the cryptocurrency market, investors closely follow every move of investors with large wallets. The impact of this class, called whale, on prices cannot be ignored. Besides, his moves also provide perspective for small investors. According to on-chain analytics platform Lookonchain, a whale that had previously pocketed a large amount of profit started buying again in the same altcoin project.

The whale, who put his previous profit in his pocket, started buying altcoins again!

As you follow from Kriptokoin.com, the market quickly recovered from the drama surrounding Binance. Moving on in a short time, crypto players are looking for new prey. One of them is the cryptocurrency whale named ‘stevu.eth’ in the market. Whale pursued his favorite altcoin project, from which he had previously made good profits. According to on-chain analytics platform Lookonchain, the whale received a large amount of UNI from Binance. In this context, Lookonchain shared the following:

stevu.eth withdrew 311,302 UNI ($1.93 million) from Binance 6 hours ago. It currently holds 511,301 UNI ($3.18 million). stevu.eth withdrew 500,545 UNI ($2.42 million) from OKX on June 29. Additionally, he had previously earned $504,000 by investing on Binance and OKX in August.

Uniswap X exceeds $1 billion in transaction volume

Uniswap Market makers Wintermute and Tokka Labs accounted for 60%-80% of the daily trading volume. Thus, these two AMMs have consistently dominated DeFi altcoin trading volume to a large extent.

Despite the current Defi market dominance, there is room for new and different players to rise to the top. Meanwhile, a newcomer to UniswapX, Filler, has reached the top spot within the past month. This incident also attracted attention. There are currently 15 active Elephants. Additionally, 4 of them are just getting involved in the DeFi altcoin project. The rivalry between fillers is intensifying. This raises questions about the optimal number of Filler to get the best price and shortest transaction time. Last month, a new Filler item disrupted the status quo by capturing more than 50% of volume since launch, dramatically reducing 2. Filler’s share from 90% at launch to around 20%. 3. Elephants also account for approximately 20% of the trading volume. Also, notably, all three top-performing Filler are market makers.

A market observer started the conversation by sharing a spicy view questioning the competitiveness of pricing when a significant portion of the volume is provided by just a few market makers. There is criticism of Request for Quotation (RFQ) transactions in the DeFi altcoin sector, where 2-3 AMMs generally dominate the volume. This raises interesting issues regarding the overall competitiveness of pricing.