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Uniswap

Why This Signal Means Uniswap’s Bear Run Is Almost Over

Dalmas Ngetich by Dalmas Ngetich
2 weeks ago
in Uniswap
Reading Time: 3 mins read

The price of Uniswap, the largest decentralized exchange by trading volume, is down roughly 35% from Q1 2023 peaks. Even so, on-chain data from Etherscan shows that there has been a steady increase in the number of UNI holders in the past two days.

As of May 13, there were 369,646 UNI holders. Since then, the number has increased to over 370,100 as of May 26. During this time, UNI prices have remained stable but relatively high.

Uniswap Price On May 6| Source: UNIUSDT On Binance, TradingView
Uniswap Price On May 6| Source: UNIUSDT On Binance, TradingView

Based on the UNIUSDT chart, the prices have found support around $4.9. However, prices have increased by approximately 10% over the past two weeks, rising to $5.4. Although the number of UNI holders may not directly affect the prices, there is a clear correlation between the demand for UNI and the increase in token prices.

Related Reading: Toncoin (TON) Continues Downward Trend As Bears Maintain Control

Several factors could have provided tailwinds for UNI, the governance token of Uniswap. 

Apple Jail Break

On May 23, Uniswap’s mobile wallet was released from what Uniswap Labs, the team maintaining Uniswap, said was “Apple jail.” 

With this jailbreak, users can download the Uniswap Wallet, that’s non-custodial like MetaMask. 

Through this wallet, users can buy and sell various supported cryptocurrencies. 

This announcement is bullish because as more users opt for Uniswap Wallet, the demand for the decentralized exchange could rise, increasing its dominance and stature. 

While MetaMask remains the most dominant Ethereum and Ethereum Virtual Machine (EVM) wallet enabling the storing and trading of various tokens, even using processors like PayPal, the popularity of Uniswap could see Uniswap Wallet gnaw market share. 

Presently, Uniswap Labs said their wallet could support the trading of tokens across Ethereum, Polygon, Optimism, and Arbitrum.

Uniswap To Launch On Base?

Earlier on, the Uniswap contributors proposed the deployment of the DEX v3 on Coinbase’s Base. 

Among supporters of this proposal is GFX Labs, one of the largest UNI holders and supporters of Uniswap’s expansion to other chains. Recently, GFX Labs voted for the launch of the DEX on BNB Smart Chain (BSC) and MoonBeam. 

Even so, before voting starts, the proposal will undergo a “temperature check-up” to gauge community support. If there is majority support, it will proceed to the next step.

Uniswap v3 is the latest iteration of the DEX, introducing the concept of concentrated liquidity for higher capital efficiency and more return on investment (ROI) for liquidity providers. 

Base is a layer-2, open-source, and EVM-compatible platform by Coinbase, one of the largest cryptocurrency exchanges.

Related Reading: JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why

It is unclear whether the above-spurred demand for UNI, pushed the number of holders higher in the last week.  However, this could suggest that the project is generating interest, which may support future token prices.

Feature Image From Canva, Chart From TradingView
Tags: appleBasecoinbaseDeFitradingUNIUniswap
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Dalmas Ngetich

Dalmas Ngetich

Dalmas is a crypto reporter covering NFTs, blockchain, DeFi, and blockchain news for NewsBTC. He’s part of a team of talented team working on bringing latest crypto development across the board. Dalmas is also the ex-founder of btc-pulse.com, a crypto news outlet. Dalmas has over 10 years of experience covering Forex, general finance, technology, and blockchain developments. His work and that of his partners has been featured in top news outlets including investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. He’s passionate about technology and politics. When he’s not keeping tabs on crypto events, you’ll find him out in nature, exploring and traveling with family and friends. You can follow Dalmas on Twitter @Dalmas_Ngetich or ping him on Telegram @Dalmas_Ngetich

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