That is what I was suspecting too, but even mining UTC right now is basically non-profitable after electric bill.
So the only explanation is miners with free or dirt cheap electricity are mining.
The whole alt-coin community is suffering from the huge spike of hash power from SCRYPT ASIC right now indeed, not just UTC.
Golden days for video card miner like me is long gone, I've stopped all my mining rigs.
Well, one of the reasons I think this coin is going down in value is because we are number 2 on Whattomine.com, so essentially, other multipools and regular users and mining Ultracoin and dumping it for profit with no incentive to hold.