Uniswap [UNI] climbed more than 10%, ranking second among top-capped decentralized finance protocols. The daily trading volume increased by more than 20% to approximately $521 million. The price movement was driven by institutional and whale accumulation, an increasing burn rate, and growing network activity.
Institutional interest was highlighted by an anonymous wallet that withdrew over 222,000 UNI tokens, valued at more than $960,000, after eight months of inactivity. The wallet brought its total holdings to 4.837 million tokens, valued at $22 million, with all tokens leaving Coinbase. Whale activity also increased as three wallets aggressively purchased UNI from Upbit and transferred over 146,000 UNI to a cold wallet. Additionally, 47,563 UNI were moved from Binance to Wintermute's market-making address, while the same wallets reportedly sold 9.6 million POL tokens.
Uniswap also recorded significant milestones in its burn rate, hitting its largest daily burn in USD on August 21 at approximately $590,000. Ethereum contributed $267,000 to these fees, while Base and Robinhood Chain accounted for $165,000 and $87,000, respectively. The same week marked the second-highest daily burn of 150,000 UNI tokens, reducing the circulating supply.
Despite breaking above the $4 to $4.60 sideways range, UNI faced resistance in this zone. The price tested the 4-hour 9-EMA, pointing to a short-term reduction in bullish momentum, while Binance transfer counts increased sharply from 8.57,000 to 24,3,000. At press time, Up/Down Volume metrics showed bears supplying $2.17 million against $1.26 million from bulls in the supply zone, leaving the asset to test key technical levels.
