Uniswap Surges on Institutional and Whale Buying, Hits Highest Daily Burn

Uniswap (UNI) has surged more than 10% in recent days, making it the second-best performing DeFi protocol after Aave Protocol (AAVE). The altcoin's daily trading volume increased by over 20%, reaching $521 million.

The price increase is attributed to institutional and whale positioning, as well as a growing burn rate. An anonymous institutional wallet has been accumulating UNI tokens for eight months, withdrawing over 222K tokens worth $960K after a period of inactivity.

Whales were also aggressively buying UNI from Upbit, moving over 146K tokens worth $647K to a cold wallet during the same period. This indicates that Asian participants are pumping capital into the protocol.

The burn rate has been increasing, with Uniswap recording its biggest daily burn in USD at $590K on August 21st. Ethereum contributed $267K of this amount, while Base and Robinhood Chain accounted for $165K and $87K, respectively.