UNI’s ‘big boys’ triggered a rally as these metrics went haywire

ambcrypto.com:

With the month so far marked by a bullish correction in the general cryptocurrency market, the big whales holding the UNI token have ramped up accumulation.

According to data from Santiment, Since 8 July, wallet addresses holding between 10,000 and one million UNI have collectively added 10.74 million more UNI tokens to their crypto holdings.

Valued in USD, this translates to over $74,643,000 worth of UNI added in the last 17 days.

Has this increased accumulation impacted the price of the token so far?

On 8 July, when the key addresses holding between 10,000 and one million UNI increased trading activity, the price of UNI was pegged at $5.83.

As the rest of the cryptocurrency market went through bullish retracement, the token’s price embarked on an upward rally and rose to a high of $7.35 by 19 July.

Exchanging hands at $6.92 at the time of writing, UNI saw an 18% uptick in price in the past 17 days. 

Within the same period, the token’s market capitalization also rose from $4.28 billion to $5.09 billion. As a result, UNI, at press time, was ranked #18 on CoinMarketCap’s ranking of cryptocurrencies with the largest market capitalization.

Furthermore, with the price rise, the index for the token’s trading volume grew daily within the period under review. The token’s trading volume went as high as 444.89 million on 14 July.

At 244.87 million at press time, the token’s trading volume grew by 40% in the last 17 days. 

Source: Santiment

According to data from Santiment, within the period under review, UNI’s network activity peaked on 14 July.

Since 14 July, key metrics deployed to track the growth on the network started to decline. For example, the number of addresses that traded UNI closed at a high of 1427 on 14 July. At 539