According to data from iCrypto, whales have been steadily increasing their holdings of $UNI since November 6, with an average buy price of $8.70.

Recent activity suggests that both whales and smart DEX traders have resumed their accumulation efforts over the last 24 hours, signaling growing confidence in the token’s prospects.

A significant institutional player, Variant Fund, has also been active in $UNI transactions. The crypto venture capital firm transferred 1.2322 million $UNI (worth $17.14 million) to Coinbase Prime just 10 hours ago.

Over the past 26 days, Variant has moved a total of 3.6966 million $UNI, valued at $44.57 million, to Coinbase Prime. The average transfer price during this period has been $12.05, indicating a strategic realignment of their holdings.

Variant Fund, which invested in Uniswap early on, was allocated 1.6 million $UNI in September 2020. In May 2022, the firm withdrew 774,000 $UNI from FTX at a price of $5.65 per token, highlighting its long-standing engagement with the project.

The sustained accumulation by whales and institutional investors, coupled with the recent movements of Variant Fund, underscores a wave of optimism surrounding $UNI. As Uniswap continues to strengthen its position as a leading decentralized exchange, this renewed interest could be an indicator of bullish sentiment in the market.

While the data points to strong support for $UNI, investors should remain mindful of market fluctuations, especially as memecoins and DeFi tokens often exhibit high volatility. For now, the increased activity from whales and institutions paints a positive picture for the token’s trajectory.

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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