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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Uniswap (UNI) Price Rockets 22% – Is There More Fuel In The Tank?

Christian Encila
Christian Encila
2 years ago
3 mins read
Uniswap

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Uniswap (UNI) has emerged as a formidable force within the cryptocurrency space, showcasing an impressive growth of 22% in recent weeks.

As one of the leading decentralized exchanges (DEX) built on the Ethereum blockchain, Uniswap has gained widespread recognition for its innovative approach to facilitating peer-to-peer token swaps. 

With its unique automated market maker (AMM) model and emphasis on user empowerment, Uniswap has become a go-to platform for traders and liquidity providers alike.

The significant surge in UNI’s value begs the question: does it have enough fuel to climb higher?

Uniswap Optimism Incentives Contributes To UNI Rally

A recent UNI report has highlighted that Uniswap’s incentives on the Optimism network (OP) have generated diverse outcomes when it comes to liquidity and the decentralized finance (DeFi) sector.

While the effectiveness of these incentives may have varied, the price of UNI has demonstrated a strong bullish trend on the charts.

Over the past 24 hours, UNI has experienced a significant rally, with its price reaching $5.46 on CoinGecko, marking an impressive 15.3% increase.

UNI price hits the 15.3 mark. Source: Coingecko

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Additionally, in the span of the last seven days, UNI has likewise demonstrated remarkable growth, surging by nearly 22%. These substantial price gains indicate a positive market sentiment surrounding UNI and suggest the potential for further upward movement.

UNI price movement in the last seven days. Source: Coingecko

Impact Of Decreased UNI Supply On Exchanges

On-chain data analysis has unveiled a significant drop in Uniswap’s supply on exchanges during early June, followed by a period of sideways movement from mid-June onwards. This data suggests that the selling pressure on UNI has eased in the short term, as the amount of UNI being moved to centralized exchanges (CEX) for offloading has decreased.

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The decrease in UNI supply on exchanges implies that holders are becoming less inclined to sell their tokens in the immediate term. This reduction in selling pressure could have positive implications for the price of UNI, as a lower supply available for trading may create a more favorable supply-demand dynamic.

UNI market cap currently at $3.13 billion on the daily chart at TradingView.com

Additionally, the sideways movement of UNI on exchanges indicates a potential shift in market sentiment. Investors and traders may be adopting a more long-term approach to holding UNI, considering the potential for further price appreciation or the desire to participate in the governance and staking mechanisms provided by Uniswap.

#UNI is one of my small wallet, investing about $5,000. but who knows, this can give 10x or 50x one day. What attracted me to this coin is its max supply of 1B, check coingecko info, and it’s a utility. Hence it satisfies investment criteria. #uniswap pic.twitter.com/FX6PZzAi50

— Prof. Smalltimer (@RJinvestcoin) June 25, 2023

This shift in UNI supply and trading behavior highlights the evolving dynamics within the Uniswap ecosystem. With reduced short-term selling pressure and a potential increase in long-term holding, UNI’s price stability and upward potential may be bolstered.

(This site’s content should not be construed as investment advice. Investing involves risk. When you invest, your capital is subject to risk).

Featured image from Alamy

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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