Whales have been gobbling up Ethereum (ETH), the native token for the decentralized exchange (DEX) Uniswap (UNI) and a handful of other decentralized finance (DeFi) tokens, according to the crypto tracker Lookonchain.
Lookonchain notes one unknown whale wallet withdrew 299,133 UNI worth $2.39 million from the crypto exchange Gate.io over the weekend.
The same whale has also recently been accumulating other DeFi altcoins, withdrawing 19,373 Aave (AAVE) worth $2.95 million and 596 Maker (MKR) worth $805,000 from Binance between August 13th and Sept 12th.
Lookonchain also notes that a whale wallet related to the investment firm Longling Capital bought 5,000 ETH worth $12.34 million over the weekend. The wallet now holds a total of 68,064 ETH worth more than $168 million.
A third whale bought 31,173 AAVE worth $4.8 million on Sunday and subsequently deposited it into Aave to borrow funds and accumulate more tokens.
“Then he borrowed 2.7 million GHO from Aave and swapped it to USDC.
And deposited the USDC into Coinbase to buy more AAVE.”
Ethereum is trading at $2,634 at time of writing. The second-ranked crypto asset by market cap is up nearly 7% in the past 24 hours.
UNI, the 22nd-ranked crypto asset by market cap, is trading at $8.12 at time of writing and is up nearly 6% in the past day.
AAVE is trading at $162.43 at time of writing. The 44th-ranked crypto asset by market cap is also up nearly 6% in the past 24 hours.
Generated Image: Midjourney