Uniswap has gained approximately 8.05% over the past seven days. UNI has retained optimistic price actions regardless of the present bearish market. However, what could be behind Uniswap’s impressive performance?
The platform has seen several developments that might have contributed to this surge. Uniswap’s product head, Scott Gray, revealed that the firm would launch non-fungible token (NFT) lending protocols. Furthermore, Ethereum whales have lately shown increased interest in UNI.
The Complete Picture
Gray revealed that Uniswap interacts with seven varying lending protocols for the NFT deal. Moreover, the team works to solve information asymmetry and liquidity fragmentation. Uniswap and the cryptocurrency community have well received this news.
UNI saw a massive social dominance surge as last month ended. Though the hype has faded, it seems Uniswap’s latest updates had an optimistic effect on the community. Besides the network grabbing user attention, it generated traction from whales. Recent trading sessions saw Uniswap joining the top ten list of coins with leading trading volume by 500 $ETH whales.
Although Uniswap has garnered massive attention from Ethereum whales and the cryptocurrency market, things have not been lucrative for $UNI. The trading volume remained pretty volatile within the previous month. However, the latest actions saw it as downsides. Also, the market capitalization remained negative, losing 24.68% since August 1.
Indeed, UNI’s growth has faced turbulence. However, the alternative token enjoys the backing of a robust community. Recently, Uniswap enthusiasts revealed plans to propose the introduction of the Uniswap Foundation.
The Uniswap Foundation will fund protocol builders, organizers, researchers, analysts, academics, and others to help the network flourish. Though the positive factors, UNI price seems primed for a near-term drop. Traders should be cautious when executing their traders. The marketplace remains volatile, and any price action can develop.
The crypto spectrum remained bearish today, with Bitcoin remaining beneath the crucial $20,000 value area. While publishing this analysis, BTC traded at $19,881.39, gaining 0.74% within the past day. Buyers should ensure massive volumes to support impressive upsides. Nevertheless, the upside path remains foggy.
What are your opinions about Uniswap’s potential? Is it a lucrative investment? You can comment below.