Today, March 5, 2025, Uniswap (UNI) has registered an 8% price gain. However, it appears bearish and is poised for a decline, potentially due to a crypto whale dumping UNI tokens.
Whale Dump $40.60 Million Worth of UNI Tokens
Today, blockchain-based transaction tracker Lookonchain posted on X (formerly Twitter) that a prominent crypto whale, Galaxy Digital, deposited 600K UNI tokens worth $4.37 million onto Binance, the world’s largest cryptocurrency exchange.
Galaxy Digital deposited another 600K $UNI($4.37M) to #Binance and #OKX 30 minutes ago.
However, the main concern driving fears of a price drop is that Galaxy has already deposited a significant 5.29 million UNI tokens worth $40.60 million on Binance and OKX over the past week.
Current Price Momentum
With all this, the asset is trading near $7.37, gaining 8% in the past 24 hours. However, during the same period, its trading volume dropped by 35%, indicating lower participation from traders and investors compared to the previous day. This decline was potentially caused by the sell-off and ongoing price fluctuations.
Uniswap (UNI) Price Action and Upcoming Levels
According to expert technical analysis, UNI appears bearish as it is already trading below the crucial support level of $8. With recent price fluctuations, it has retested this level and seems to be consolidating. Based on recent price action and historical patterns, if UNI fails to climb above the $8 level, it could drop by 25% to reach $5.50 in the coming days.
Source: Trading View
As of now, the asset is trading below the 200 Exponential Moving Average (EMA) on the daily timeframe, indicating a bearish trend. This technical indicator helps traders and investors determine whether the asset is in an uptrend or downtrend, allowing them to build their positions accordingly, either on the long or short side.
This ongoing dump by Galaxy Digital has the potential to increase selling pressure, further reinforcing the bearish outlook.
According to a CoinGecko report, meme coins were the most popular crypto trend in 2024. They accounted for 14.3% of total narrative interest—a significant rise from 8.3% in 2023.
Recent developments, however, present a contrasting narrative.
“There has been a significant drop in meme coin market cap since December. It’s the weakest narrative and not worth putting your money in it,” an analyst wrote on X.
As of March 5, the latest data showed the total meme coin market capitalization plummeted to $54 billion. This represented a 56.8% decline from its $125 billion peak on December 5, 2024.
Trading volumes have also taken a hit, dropping 26.2% in the past month alone. This has raised concerns about the “meme coin supercycle.”
“Is this the end of the meme coin supercycle?” crypto analyst Lark Davis questioned.
A meme coin supercycle refers to an extended period of rapid growth and speculation in meme-based cryptocurrencies. However, with declining numbers across the board, the community is now grappling with fears that the hype may be fading for good.
The second-largest meme coin, Shiba Inu (SHIB), has also suffered a substantial drop. Over the past month, it has slipped 10.6%. Similar trends have been observed in all 10 top meme coins.
The decline isn’t just affecting individual tokens—skepticism in meme coins as a whole appears to be rising. Elon Musk, for example, one of the most vocal supporters of DOGE, recently likened meme coins to “casinos.” He further cautioned against investing life savings in them. Meanwhile, Bitwise CIO Matt Hougan previously stated that the present time is the “end of the meme coin boom.”
Google Trends data further supports this waning hype. The search volume for “meme coin” has plummeted from a peak score of 100 in mid-January to just 8 last week. This suggested that public enthusiasm was fading as fast as it surged.
The impact of this downturn is being felt across the ecosystem, particularly on platforms that thrived during the meme coin mania.
Pump.fun, a popular meme coin launchpad, has seen its trading volume crash from $3.3 billion in January 2025 to just $814 million. This marked aa staggering 75.3% drop.
Bitcoin price surged by 4% on Wednesday, hitting a 10-day peak . This rally follows three consecutive days of substantial Bitcoin ETF inflows, totaling $512 million. As BTC flirts with the critical $90,000 resistance level, investors are closely watching the impact of the Federal Reserve’s policy decision on global markets.
Bitcoin (BTC) Price Hits 10-Day Peak on Fed Rate Decision
Bitcoin (BTC) surged by 4% on Wednesday, reaching a 10-day high of $85,900 as the U.S. Federal Reserve’s decision to pause interest rate hikes aligned with investor expectations.
Bitcoin price analysis | BTCUSD | March 19, 2025
This bullish momentum follows three consecutive days of strong institutional inflows into Bitcoin ETFs, totalling $512 million. With BTC price facing critical resistance at $90,000, market participants are watching closely to see whether institutional demand and macroeconomic conditions will trigger more gains in the coming trading sessions.
ETF Inflows Surged $512M ahead of Fed Rate Decision
Since their introduction, Bitcoin ETFs have become a key gauge of institutional sentiment in the cryptocurrency market. After 3-week selling spree, Bitcoin ETFs have recored positive inflows over the past three trading days, according to SosoValue data
Bitcoin ETF Flows, March 19 | Source: SosoValue
On Tuesday alone, Bitcoin ETFs saw $209 million in inflows, marking one of the strongest demand periods in weeks. The funds have accumulated over $512 million in Bitcoin purchases, underscoring strong demand from corporate and institutional investors.
Historically, such sustained inflows have often preceded significant price breakouts, suggesting that institutional investors swung bullish BTC’s short-term price prospects as markets priced in a 99% chance of a rate pause at the start of the week.
BTC Faces Key Resistance at $90,000 Amid Short Squeeze Pressure
Despite its recent gains, Bitcoin price is showing more upside potential. According to the latest derivatives data from Coinglass, over $290 million worth of BTC short positions were closed near the $85,000 level.
Short traders, who profit when prices decline, are making last-ditch efforts to defend their positions and avoid a wave of forced liquidations.
Bitcoin (BTC) Liquidation Map
However, liquidation heatmaps suggest that BTC short liquidations at the $85,000 level may have weaken ed neighboring resistance zones. If Bitcoin sustains momentum and breaks above $90,000, it could trigger a cascading effect, forcing more short sellers to cover their positions and further driving up the price.
US Fed Rate Pause Boosts Risk Asset Appetite
The Federal Reserve’s decision to maintain interest rates at current levels has provided additional support for Bitcoin’s rally. A pause in rate hikes signals a more accommodative stance toward financial markets, which typically benefits risk assets such as cryptocurrencies.
US Fed Holds Funds Rate at 4.5% | Source: TradingEconomics
Lower interest rates make traditional savings and fixed-income investments less attractive, prompting investors to seek higher returns in alternative assets like Bitcoin. If institutional investors interpret the Fed’s stance as a green light for continued Bitcoin accumulation, ETF inflows could remain strong, further reinforcing the bullish outlook.
Bitcoin Price Outlook: Path to $90K and Beyond?
With ETF inflows surging and macroeconomic conditions remaining favorable, Bitcoin price forecast signals appears well-positioned for a continued uptrend. However, to sustain its bullish momentum, BTC must overcome key resistance levels:
$90,000 – A major psychological level that could trigger a new wave of buying or profit-taking.
$92,500 – The next upside target if BTC breaks through $90K.
Bitcoin price forecast | BTCUSD
On the downside, strong support levels include:
$85,000 – A key level where short liquidations have already been triggered.
$82,500 – A potential retest zone if BTC faces rejection at $90,000.
The ongoing BTC price surge is fuelled by strong institutional demand and a favorable macroeconomic backdrop. With $512 million in ETF inflows and short sellers under pressure, BTC’s path to $90,000 looks increasingly viable. However, breaking through this critical resistance will be key in determining whether Bitcoin can extend its rally toward new all-time highs.
Decentralized perpetual exchange (DEX) Hyperliquid (HYPE) has reached a significant milestone, surpassing $1 trillion in total perpetual contract (perps) trading volume.
This achievement comes despite a broader market downturn, where major sectors have posted losses. While there has been slight growth today, it remains minimal, highlighting the market’s challenges.
Hyperliquid Dominates Perps Market
According to data from DeFiLlama, Hyperliquid perps’ cumulative trading volume has surged to $1.1 trillion. This rise in activity highlights its growing appeal among traders.
Besides its market dominance, Hyperliquid has made headlines for being central to a major development. As BeInCrypto reported, the platform gained widespread attention after a whale trader opened a 40x leverage BTC short position worth $423 million, triggering a “whale hunt.”
Nonetheless, the developments have not done much for the platform’s native token, HYPE. Instead, it has been underperforming, maintaining a consistent downtrend.
Over the past day, it has depreciated by 3.4%. At press time, it traded at $12.9, marking lows not seen since December 2024. Moreover, the platform has faced increased scrutiny following concerns about potential money laundering.
Analyst Forecasts: Will HYPE Reach $100?
Despite these struggles, an analyst predicted that HYPE could reach $50-$100, citing its status as the leading crypto DEX and its high-throughput Layer 1 blockchain.
In the latest X (formerly Twitter), he highlighted Hyperliquid’s impressive growth. The platform averages $6.7 billion in daily volume, a significant increase from $1.1 billion in October. This surge has increased its market share relative to Binance, jumping from 2% to 9% in just six months.
“If Hyperliquid can maintain just a fraction of its growth rate, we could see it reach ~20% of Binance’s volumes by the end of the year,” the post read.
Hyperliquid Growth Compared to Binance. Source: X/Duncan
According to the analyst, this expansion could significantly boost the HYPE token’s valuation.
“If Hyperliquid is able to reach 20% of Binance’s volume, I think we could easily see $40-50 HYPE with the uptick in earnings and a slight multiple expansion,” he said.
He also highlighted several factors that could fuel Hyperliquid’s continued success. The recent addition of native spot Bitcoin (BTC) trading, coin margin functionality, and the possibility of launching a delta-neutral stablecoin are seen as major catalysts for future growth.
Another key development is the evolution of Hyperliquid’s Layer 1 blockchain ecosystem. The platform has attracted over 50 projects and holds over $2.3 billion in USDC and BTC deposits.
The analyst added that Hyperliquid has a strong potential to establish itself as the third most used blockchain, following Ethereum (ETH) and Solana (SOL), within the next few years.
“Given ETH and SOL are worth $230 billion and $75 billion, respectively what does that make Hyperliquid’s potential L1 valuation? Even at 15-25% of ETH or SOL, that adds another $10-50 to the token price. $50 for the perps/spot/stablecoin product + another $50 for the L1 and $100 HYPE seems possible,” he predicted.
