When Elon Musk changed his Twitter bio to “#bitcoin” last week it moved the market, but not just for bitcoin itself.
Users of UniWhales could see big holders making moves in real-time. Matt Aaron, the CEO of UniWhales, sent CoinDesk screenshots showing three big moves of liquidity providers exiting USDC/ETH and USDT/ETH positions on Uniswap. In 11 minutes, $47 million worth of liquidity had exited the Uniswap system right after Musk told the world:
“Our thesis is that whales control the market,” Aaron told CoinDesk in a phone call. “People with more money tend to have better information.”
UniWhales started in September as a simple Telegram channel with a bot that flagged large buys on Uniswap. That’s why it’s called UniWhales. It started analyzing the moves of big holders (whales) on Uniswap, the leading automated market maker on Ethereum.
Santiago Roel of ParaFi Capital told CoinDesk via email that he has been using the product for a while.
“Their subscription model offers a glimpse into how SaaS could be brought on chain, which will be an emerging theme as a new monetization model,” he wrote.
Initiated by a pseudonymous developer called Timur, Aaron, a crypto alum, was an early adopter. “I was addicted to this channel, just like as a fan,” he said.
The approach took off quickly and the two decided to turn it into a business together.
In a pickle
Liquidity moves are telling but it all started with big buys.
For example, on Jan. 26, the price of the Ethereum token PICKLE shot up 40% (from just under $11 to almost $14), and members of the UniWhales community watched it happen in real time.
The UniWhales Telegram bot was flagging $1.6 million worth of PICKLE getting picked up in a short span of time on Uniswap. That was 75% of the daily trade volume all at once. Spotting this kind of movement is the heart of what PICKLE is all about.
Traders need alerts to know if something big is happening with a token they have a position in or if it means they…