Has Uniswap (UNI) secured its place in the top 15?

Uniswap announced yesterday (November 9th) plans to rename the three different functions it serves, giving each interface its own identity. While that sounds great, it doesn’t seem like much has been done for the protocol or the UNI token.

UNI has been pretty quiet for a while and now it looks like it is losing its place.

Uniswap has the ability to flip over

Uniswap saw significant growth this year, helping UNI climb into the top 15 cryptocurrencies by capitalization. Although it ranks 15th, what it has done has left an indelible mark on competing tokens.

But it looks like UNI will drop out of the top 15 due to the lack of exercise observed over the past few weeks.

Although the August rally helped UNI overtake many altcoins in terms of capitalization, its performance has been rather lackluster since then. UNI has consolidated below $ 27.6 since early September and the main trend is to fall below the support line with no sign of breaching the resistance.

UniSwap price promotion | Source: Tradingview

At the time of writing, the technical indicators for UNI show no signs of uptrend. The Moving Average Convergence Divergence (MACD) is neutral, the Average Directional Index (ADX) has now been below the threshold for a month, shows no abrupt trend reversal and the relative strength (RSI) also remains in the neutral area.

On-chain index stagnates

The daily active users of Uniswap have fallen below 1,000. And now the UNI holding addresses are not profitable, as the graphic below shows. In addition, Chainlink is likely to flip it. These factors can cause investors to flee and pour capital into potential projects.

UNI address is profitable | Source: Intotheblock

Currently, UNI is dominated by whales, which hold more than 50% of the supply. Since more than 96% of the supply is held by the top 1% of addresses, this is clearly the reason why investors are also not ready to invest, and also why these addresses will not grow in the near future.

Top 1% of addresses with UNI | Source: Glassnode

In fact, whales are not very active either, having just moved no more than $ 15 million in the past 2 months.

UNI whale movement | Source: Santiment

Uniswap is not moving and neither the investors nor the network are doing anything to change that. Oops, there’s a good chance Chainlink will flip it.

Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

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