- A whale sold all his UNI to buy 329.3 billion PEPE.
- PEPE holders were increasing at a faster rate than UNI.
According to AMBCrypto’s analysis of the market, it seems that traders are convinced that DeFi tokens might not replicate the kind of performance they had in the 2021 bull cycle.
Evidence of this has been shown in the past. On 30th April, another piece of evidence appeared— a whale dumped all his Uniswap [UNI] tokens. What did he do instead? He accumulated 329.3 billion Pepe [PEPE] and withdrew it from Binance.
However, it is important to note that the said traders made $7 million from holding UNI. But dumping the tokens at the early stages when altcoins have not had their projected season indicates declining confidence in UNI’s potential.
No PEPE, no show
Furthermore, accumulating PEPE suggested bullish conviction in the long-term value. However, the decisions might not come as a surprise to anyone who has “followed the money.”
The price performance of both tokens was also proof of memecoin dominance in the market. At press time, PEPE’s Year-To-Date (YTD) performance was a 420% increase.
Source: CoinMarketCap
UNI, on the other hand, changed hands at almost the same price it was when the year began. Despite this data, the market cap of DeFi tokens was $104.48 billion. For Memecoins, it was $49.50 billion.
However, this difference does not show a clear picture as the latter has recorded better growth within the last year. Furthermore, a look at the number of holders showed that UNI had more.
While PEPE’s holder count was 211,000, UNI was 381,000. But like the market cap, the figures do not paint an explicit view of the situation.
Source: Santiment
UNI may gather strength but not as much as…
But if you look closely, you’d realize that PEPE’s pace in attracting more holders was faster the UNI. A simple interpretation of this implies that the DeFi narrative might not be one of the top ones to follow this cycle.
However, this does not mean that the sentiment in the market will not change. As per the acumen, AMBCrypto also looked at the Weighted Sentiment.
This metric uses the social volume to measure the perception about projects in the market. As of this writing, both PEPE and UNI’s Weighted Sentiment were positive.
While PEPE was o.45, UNI was 0.16, reinforcing the notion that most traders are bullish on the memecoin than they are on the latter.
Source: Santiment
Furthermore, the disparity in sentiment does not mean UNI won’t experience a notable upswing.
Realistic or not, here’s PEPE’s market cap in UNI terms
But if we go with history, money flow, and trending narratives, PEPE might continue to outperform UNI.
And the significant part is that it won’t be a little mile. In a highly bullish scenario, PEPE could rise past UNI by another 200%. While this might not happen now, it looks feasible in months to come.
