Conditions seem to turn greener in the overall cryptocurrency market. For instance, Ethereum and Bitcoin have flourished within the past few sessions. However, one specific coin maintained steady uptrends, gaining over 150% within a week.
Uniswap’s native coin, UNI, presented continued upsides. Also, the alternative token recorded bullishness in trading volume. However, can UNI’s price remain elevated?
The first ETH-based DEX (decentralized exchange) offers users stable revenue. Moreover, it rivals centralized exchange. Uniswap led with 41 billion average daily trading volume last year. The scenario wasn’t different this year. Meanwhile, the network remained the top LP (liquidity provider) with more than 65% share last month.
While publishing this post, Dune Analytics’ chart shows UNI boasted 70.6% share, and Curve finance followed with 10%. The massive gap between the runners-up and the first presents a logical scenario to praise the winner.
Analysts believe the renowned DeFi token leads due to massive whale accumulation plus increasing active addresses. In the address context, Uniswap’s addresses surged to beyond 1,200. That confirmed the enthusiasts’ bullish stance amidst the present improved address activity.
Meanwhile, whales also scooped more assets to show their support for UNI. The 100K – 1 million wale cohort recorded a massive accumulation uptick within the past two weeks.
Meanwhile, these developments strengthened UNI’s demand for Ethereum whales. WhaleStats shows Uniswap rebounded into the top ten list for Ethereum dominant buyers (whales).
Generally, July played a crucial role in the blockchain. July saw network activity increasing multifold. Nevertheless, price action failed to reciprocate that. Coinmarketcap data shows UNI endured a new 5% drop to $8. However, the improving broad market cues might support the alt’s upside.
Bulls roared again during this publication. The global crypto market capitalization has gained 3.42% over the past 24 hours to $1.14 trillion. Also, the overall market volume surged 9.99% within the last day to $75.98 billion.
The improved mode comes as Bitcoin opened the road to $24K once more. While publishing this post, BTC changed hands at $24,048. It remains essential to see what upcoming price trends will bring. Stay around.