Altcoin
UniBot bounces back – A look at how metrics reflect FUD and recovery
Posted:
| Last updated: July 31st, 2024
Journalist
- Active addresses and transaction volume show normal trends post-hack.
- UniBot has returned to a bull trend at over $60.
Just a short while back, UniBot was compromised by hackers, resulting in a substantial loss of around $600,000.
Significant declines in key metrics indicated a sense of panic among buyers, leading to a sharp drop in the token’s price. Now, several days later, has the token and the network managed to recover?
Key UniBot metrics show FUD-induced trades
In a recent Santiment post, they highlighted how certain metrics during the UniBot hack incident clearly reflected the prevailing panic. An examination of the active address and transaction volume metrics revealed that they had reached record highs.
On 31 October and 1 November, the number of active addresses surpassed 2,000, a stark contrast to the numbers below 500 before the incident.
Source: Santiment
Furthermore, the transaction volume experienced its highest point in months. The chart showed a transaction volume of over 324,000 on 31 October.
Source: Santiment
These metrics collectively indicated a surge in trading activity driven by fear, uncertainty, and doubt (FUD) in response to the hack.
However, as of the latest data available, the charts have returned to more typical levels. The number of 24-hour active addresses currently stands at around 663, while the transaction volume was around 2,590.
UniBot team give assurance of funds recovery
A few days following the hack incident, the UniBot team issued a statement confirming that they had successfully reimbursed the lost funds.
Additionally, they reported a significant recovery of the stolen assets. Furthermore, they announced a zero-trading fee policy starting from the day of their announcement. Notably, token holders would now receive 100% of the token taxes.
In light of these developments and the proactive response from the UniBot team, it’s important to examine how the asset has fared in response to these actions.
A move back above the neutral line
At the time of this update, UniBot is trading at around $61, reflecting a decrease of around 6% in its value. However, prior to this recent downturn observed on its daily time frame chart, the price exhibited a positive trend.
Source: TradingView
Read UniBot (BOT) Price Prediction 2023-24
A detailed analysis of the chart revealed that between 5th November and 7th November, UniBot’s price surged from approximately $48 to over $62.
During these three days, the daily gains were substantial, with increases of 24.96%, 14.71%, and 19.08%. These upward movements notably pushed UniBot back into a bullish trend, as indicated by its Relative Strength Index (RSI).
