Uniswap (UNI) price rises amid whale accumulation and record token burns

Uniswap (UNI) saw a price increase of over 10%, driven by institutional accumulation, whale activity, and a significant rise in its token burn rate. Daily trading volume for the DeFi protocol rose by more than 20% to approximately $521 million.

Key drivers included an anonymous institutional wallet that resumed activity after eight months to accumulate over 222,000 UNI, bringing its total holdings to 4.837 million tokens valued at $22 million. Additionally, whale wallets were observed purchasing UNI from Upbit, suggesting increased capital inflow from Asian markets.

The token's burn rate also reached new milestones, with a record daily burn of approximately $590,000 recorded on August 21. This burn was fueled by fees from Ethereum, Base, and Robinhood Chain, effectively reducing the circulating supply. Despite the upward trend, the token faces resistance in the $4.00 to $4.60 range.