Uniswap (UNI) recently outperformed every other crypto in the top-20 list in terms of market capitalization by registering figures of over 8% in seven-day gains. Interestingly, Messari’s data revealed that Uniswap has also consistently maintained a DEX market share of 75% throughout Q3. This, in many ways, is good news for the ecosystem.
<p lang=«en» dir=«ltr» xml:lang=«en»>@Uniswap remained consistently at ~75% of DEX market share throughout Q3.Notably, @CurveFinance's volume share fell from 16% down to 8% despite continuing to issue higher incentives than the competition. pic.twitter.com/LqcUpnEvO2
— Messari (@MessariCrypto) October 2, 2022
However, while the aforementioned might seem promising, there have been several other developments across the crypto’s metrics too. These are worth looking at, especially since each might trigger a pullback soon.
At press time, UNI was trading at $6.39 with a market capitalization of more than $4.87 billion.
A look at UNI’s metrics indicated that the altcoin’s good days might come to an end soon as several of them pointed to a possible downtick in the coming days.
For instance, UNI’s development activity has fallen, having moved sideways of late – A negative signal as it reflects a decrease in developers’ efforts to improve the blockchain.
Moreover, Uniswap’s daily active addresses also fell significantly after registering a spike on 17 September, yet another red flag as it indicates a lower number of users on the network. Finally, CryptoQuant’sdata revealed that UNI’s Relative Strength Index and Stochastic were at overbought positions, further increasing the chances of a price downfall soon.
Source: Santiment
Despite the negative implications of the metrics listed, however, a few
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