Dear Readers,
At the time of writing this article the global cryptomarket cap stands at $ 1.96 Trillion, which is up of 0.83% from yesterday.
The Cryptomarket leaders- BTC & ETH are trading in green with 51275 USD and 2975 USD respectively.
This week we have witnessed a fantastic rally over 75% in the noted Defi Crypto coin Uniswap (UNI).
We all know that Uniswap is a decentralized cryptocurrency exchange that uses a set of smart contracts to execute trades. It is an open source project and falls into the category of a DeFi product because it uses smart contracts to facilitate trades.
Interestingly on 22 February 2024, they have launched uni.eth platform, through which we can create own own unique web3 username. With this, we can transform the traditional 0x address into a readable username that would be supported all across the Web3 platforms. Now one can now claim the uni.eth username for free in the Uniswap mobile app.
Uniswap currently trades at 11.19 USD which is higher of 46% as of now. But it has roared over 65% in the week at its peak.
From the market sources say that the bull run has over with Uniswap as of now.
What we understand from the data from the noted blockchain analytics firm Lookonchain, a Uniswap team wallet sold off a total of 90,000 UNI tokens for a approximate value around 1.03 million USDC at $11.48 per unit. This major sell happened after the price of the UNI token increased by more than 76% over the past week.
Before this time, the wallet had only received up to 5.44 million UNI which would have been valued at about $60.8 million based on the current price of UNI at $11.18.
There are only about 926,000 UNI coins left in the wallet and this is worth only around $10.5 million.
From December 2023 itself, UNI was trading higher with large volumes which gave boost to other Defi projects- $COMP, $SUSHI, and $AAVE as well.
This rally has made the investors and traders to switch their interest from AI related cryptos to the traditional Defi projects as well.
If we take a period of 1 month, UNI was witnessed over 91% increase in its price.
There is a news that the Uniswap Foundation submitted a proposal to improve Uniswap’s community governance which triggered the price of Uniswap token.
From now it may go down!
Be cautious in this coin while have a trade!
