Connect with us

Altcoins

Uniswap tops DEX race with >70% volume share, but the issue…

Published

on

Source: Unsplash


Scenarios have started to look greener for the global crypto market. Well, Bitcoin and Ethereum in particular. But one specific token has been in an uptrend registering more than 150% gains in a week.

Uniswap‘s native token UNI has been steadily charting an upward trajectory. Trading volume for the flagship token narrated a bullish scenario as well. But can the price continue to follow the upward move?

Wouldn’t swap for anything 

The first decentralized exchange (DEX) based on Ethereum not only provides users with steady revenue but also rivals centralized exchange. Last year, Uniswap lead the sector with an average of $1 billion a day trading volume. This year is no different.

The platform remains the leading liquidity provider (LP) with over 65% share in July.

Source: Messari

In fact, at the time of writing, UNI controlled 70.6% share as seen on Dune Analytics’ pie chart below followed by Curve Finance, which had around 10% share.

Source: Dune Analytics

The sheer difference between the first and the second place is something worth praising the winner about.

Thanks to you

Now, the popular DeFi asset is said to be leading because of strong whale accumulation and rising active addresses.

Talking about the addresses, the active address ascended to above the 1,200 mark.

This showed the bullish stance of enthusiasts with ongoing strong address activity.

Source: Santiment

Meanwhile, dominant buyers, also known as whales too have acquired more UNI to showcase their support for the token.

Particularly, the 100k to 1 million UNI whale addresses saw a gigantic accumulation spike in the last two weeks. Needless to say, these narratives strengthened Uniswap’s demand for ETH whales.

According to whalestats, UNI bounced back into the top 10 holding list for ETH whales as seen in the tweet below.

Overall, July did play a significant role for the network. Across July, the network activity grew multifold as covered in a previous article.

Having said that, the price couldn’t really reciprocate the same. On CoinMarketCap, UNI suffered a fresh 5% correction as it traded around the $8 mark.

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Shubham is a full-time journalist/ Crypto data analyst at AMBCrypto. A Master's graduate in Accounting and Finance, Shubham's writings mainly focus on the cryptocurrency sector with particular emphasis on market research studies and communications for >2 years. Also, a die-hard Chelsea fan #KTBFFH.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.