Despite Bear Market Uniswap Gains Significant Traction, What’s The Reality? The last few weeks have shown a positive turn in the cryptocurrency market, especially for Uniswap. Many crypto assets tend to overvalue their prices. After the harsh crypto winter that put many protocols at risk, this is about to change. In January 2022, we saw a sharp drop in prices of up to 50%. The latest chaos in the crypto space has been better than described.
In addition, the fall of the algorithmic stablecoin Terra and its token Luna added to the bearish trend. Many investors lost millions of dollars, causing tension across the crypto industry. Some companies providing crypto services have lost their balance trying to keep their ship afloat. However, some of them continued to go bankrupt, and most of the depositors’ funds were blocked on their platform. As fear, uncertainty and doubt emerged, some industry players began to lose faith in digital assets. Things seem to be gradually going well for Uniswap, as its own UNI token is increasing in value. Thanks to its powerful strength, Uniswap entered the top 15 cryptocurrencies by market capitalization. Additionally, the Ethereum-based decentralized protocol has seen a 150% increase in value over the past seven weeks.
Additionally, Sandiment noted that transaction sizes they consider significant are $100,000 or more. He noted that such agreements are similar to those observed in situations with whales and fog. In addition to the price increase, Uniswap also increased the average income of its active trader. It currently registers over 22.5% of its 30-day MVRV. According to Santiment, the current value is clearly above the danger zone. Despite the sharp increase in Uniswap’s price, Santiment advises investors to exercise ethical caution.
Read more: Will The Breakeven Point For Bitcoin Short-Term Holders Act As Resistance Once More?
