Uniswap [UNI] reaches new record as short-term relief continues
Uniswap is making huge waves in the crypto market. The volume on Uniswap has shown a massive growth in the previous week.
Notably, in August 2021, the network volume crossed $9.62 billion but this week it totaled at $8.62 billion. That’s down only 7% while overall crypto m-cap was down 49% compared to this time last year.
Source: Twitter
The DEX is also seeing a major rise in discussion rates on Twitter. According to Santiment, this is more due to an abundance of “scam accounts” which target naïve traders through automated comments.
In fact, Uniswap is seeing its largest amount of discussion on Twitter since its inception two years ago.
Source: Santiment
There have also been discussions about how Uniswap will respond to the upcoming Ethereum Merge.
In a recent tweet, Uniswap claimed that it will “continue to work seamlessly through the transition.”
Well, UNI is showing bullish activity in recent days despite last week’s sell-off. The investors might be in for short-term upside potential as multiple bullish factors aligned on the DEX.
UNI took a giant leap on 30 August as the general market sentiment showed large-scale recovery. At press time, UNI was trading at $6.33 after seeing a 6.8% surge in the past 24 hours.
However, this still leaves UNI 10% in losses over the past week according to CoinMarketCap.
Interestingly, as per Santiment, traders continue to remain under stress as reflected on the MVRV (30-day) chart.
The MVRV ratio of UNI, at press time, stood at -16.20%. But, importantly, it has shown strong recovery since the past week.
Source: Santiment
The RSI value of UNI, at the time of writing, stood at 54.71 which meant that a bullish run in the coming days can’t really be expected.
In fact, address activity has also led to
Read more on ambcrypto.com
