Whales Secretly Accumulating These Two DeFi Coins: LINK and UNI

Preface

Recently, large wallet investors in the cryptocurrency space have been quietly accumulating a significant amount of DeFi tokens. Among them, Chainlink (LINK) and Uniswap (UNI) are the most popular choices.

The supply of LINK on exchanges has decreased, while the price of UNI surged overnight, bringing nearly a 6% profit to holders. With these factors stimulating demand, whales holding between 10,000 and 1 million tokens of UNI and LINK are continuing their frenzy of accumulation.

Whales Accumulating LINK and UNI

According to data from cryptocurrency intelligence tracker Santiment, whales holding UNI and LINK tokens are divided into two groups. One group holds between 10,000 and 100,000 tokens, while the other group holds between 100,000 and 1 million tokens. They have been consistently accumulating these cryptocurrencies.

Whale Accumulation Status of Uniswap (10K to 100K, 100K to 1M tokens), Source: Santiment.

Whale Accumulation Status of Chainlink (10K to 100K tokens), Source: Santiment.

Whale accumulation is often seen as a bullish signal for altcoins, as it reduces the circulating supply and decreases selling pressure, indicating the potential for price increases.

As shown by the Santiment data above, after whale accumulation, price increases tend to occur. In April 2023, whales in the 10K to 100K range accumulated LINK, resulting in a price rebound to $8.79 within a week. Similar behavior was observed in April 2023 with the price of UNI.

Catalysts Driving Higher Prices for UNI and LINK

Over the past week, on-chain indicators such as trading volume and daily active addresses for UNI and LINK have shown an increase. These indicators reflect the adoption and utility of these tokens by traders. The growing activity of Uniswap and Chainlink, along with these indicators, may serve as catalysts for the rise of DeFi tokens.

According to the data, UNI has seen a 5.37% increase for holders in the past 24 hours, while LINK has reached a new high since June. As of writing this, UNI is trading at $5.98 on Binance, and LINK is trading at $7.25.

Cryptocurrency Price Trend Chart for LINK (blue) and UNI (yellow) in 2023, Source: TradingView.