This doesn't exactly follow the Collatz conjecture because multiplication by 3 will be truncated to a 128-bit unsigned int. It is possible that this truncation causes a loop. Even though the Collatz conjecture has been tested for all numbers in this range, it has probably not been tested with this overflow effect.
Not so, since the fact that it is in the range does not mean it will steadily go downwards. It might have numbers much bigger than the maximum value for a uint128 somewhere in its Collatz sequence and it is possible (though unlikely) that one of those numbers modulo the maximum value for a uint128 is the original number again. (That is, the modulo operation might introduce loops that are not present in the normal Collatz sequence because mathematical integers don't overflow)
