Surprise Altcoin Old Sleeping Whales Suddenly Stirred: Here's What the Analysis Company Said

Cryptocurrency analytics platform Santiment has detected significant activity on the Uniswap (UNI) network.

According to the data, UNIs market cap has surged by 21% since June 22, while the network has seen unprecedented levels of dormant wallet activity.

According to Santiments analysis, the largest dormant wallet activity peak in Uniswap history was recorded at 72.95 billion “age consumed” (a metric calculated by multiplying the amount of tokens moved by the time the tokens were sitting in the wallet).

As a result of this movement, the average age of wallets holding UNI has fallen by 7.2% overnight, from 1,175 days to 1,090 days. This indicates that a significant amount of UNI tokens are coming back into circulation from wallets that have been dormant for a long time.

Santiment argued that, although not definitively, such bursts of whale wakening usually result in increased overall activity on the network, which could have a positive impact on market value.

The total market value of the UNI token of Uniswap, one of the largest decentralized cryptocurrency exchanges in the Ethereum ecosystem, is at $4.84 billion at the time of writing.

*This is not investment advice.