- Uniswap is in recovery mode as Bitcoin Halving ushered in a bullish sentiment.
- The exchange and underlying token have seen an impressive upsurge in volume and price respectively.
Uniswap (UNI), a leading player in the Decentralized Finance (DeFi) ecosystem is showing bullish signs in the aftermath of Bitcoin’s (BTC) recent halving event. According to on-chain data from SpotOnChain, a whale was seen withdrawing a large amount of UNI from Binance exchange.
Whale Activity Surges on Uniswap
Per the details, the whale with the address 0x84d withdrew 121,871 UNI valued at $954,000. Notably, this was the whale’s first large transaction since the wallet was formed two months ago. If the recent movement of a whale is any indication, UNI could see a substantial increase in the coming weeks.
Recall that just a few weeks ago, UNI plummeted when the US Securities and Exchange Commission (SEC) openly stated that it might sue Uniswap Labs, the Web3 entity behind the token’s creation. As formerly reported by Crypto News Flash, this announcement sparked Fear, Uncertainty, and Doubt (FUD) surrounding the token. Aside from that, UNI’s market price dropped to $5.86.
However, over the last seven days, the cryptocurrency’s value has climbed by 8.31%, trading at $7.81. The Market Value to Realized Value (MVRV) ratio suggests high demand for the token. Recent data from DeFiLlama shows the Total Value Locked (TVL) has risen 138% in the past 30 days.
This rise indicates that traders and investors found the protocol to be trustworthy. It is also possible for UNI’s price to approach an all-time high if the TVL continues to grow near 2021 levels, as it has in recent weeks.
The renewed investor sentiment for UNI is fuelled by expectations that Bitcoin’s recent halving event would assist in shifting market dynamics. While the halving was bad news for miners whose incentives have been slashed, the consequent scarcity is expected to propel the price of UNI further. Besides the halving event, the upcoming altcoin season might also help propel UNI’s price, as targets between $15 and $20 could be possible.
At the time of writing, UNI is trading at $8.03, demonstrating a price increase of 2.28% in the past day. Also, the market capitalization is up 2.27% to $4.8 billion, while trading volume stands at $103 million.
Uniswap’s Record-Breaking Performance
Reiterating Crypto News Flash’s earlier reports, Uniswap reached a remarkable milestone, recording $250 billion in trading volume on its Layer-2 (L2) platforms such as Arbitrum, Polygon, Optimism, and Base. This milestone demonstrates the increasing adoption and efficiency of L2 technologies intended to manage huge transaction volumes while lowering gas costs, and improving user experience.
This development comes after Uiswap’s total cumulative trade volume rose beyond $2 trillion, according to a prior report by Crypto News Flash. Uniswap Foundation’s executive director Devin Walsh emphasized that the platform’s immutable code and streamlined governance structure guarantee consistency in the “rules” for developers, traders, and liquidity providers.
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