Uniswap’s $485 million losses are keeping these parties at bay
The events that transpired this month have left many altcoins suffering including the biggest Decentralised exchange in the world. Uniswap has been consistently registering losses throughout February despite the relief rally on 4 February. However, the recent rally also got invalidated within the next few days.
As the month began most altcoins following Bitcoin managed to make some recovery against the January dip. In fact, up until 16 February, Uniswap was the best performing DEX losing only 2.44% in its TVL.
That changed again after the last 48 hours where UNI went down by 11.46% adding to the almost 18% dip over the last 10 days.
DEX performance data | Source: Crypto.com
This led to the investors’ ongoing selling to stop. In the while that the rally lasted, UNI holders sold over 1.5 million UNI worth over $15 million to minimize losses and make the most of the rise.
But the network-wide losses of $485 million since 1 February followed by the dip of 10 February led to these investors halt their selling spree.
Uniswap suffers network wide losses | Source: Santiment – AMBCrypto
It was around this time when even whales went dormant. The usual spikes of whale transaction volume which used to reach $70 million to $100 million in January turned into a straight line of $9 – $10 million average in the last 10 days.
Uniswap whale movement | Source: Intotheblock – AMBCrypto
Consequently, the entire network bore the effects of the downfall. The network growth which was already well below the par, touched its lowest ever in 17 months since September 2020.
Uniswap network growth at its 17 month lowest | Source: Santiment – AMBCrypto
Regardless Uniswap continues to maintain its position as the dominating DEX in the DeFi space generating over
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