Uniswap [UNI] is back in the news after the token resurged amid the ongoing market recovery. The largest DeFi exchange has signs of northern movement since the start of the week. It seems like UNI’s focus is to end June on a high note after looking at the price trajectory in the last few days. Furthermore, whale accumulation can also considered as a major factor in the increasing prices of the UNI token.
Forward we march!
Uniswap is among those relishing the recent resurgence in the market after recently attempting a price rally. UNI jumped 55% last week to $5.59 at press time and is up another 2% in the past 24 hours. This is a big jump for the token after falling to $3.39 in the recent crash.
Uniswap has also been at the centre of whale accumulation. Per the following tweet, UNI just broke into the most purchased token among top 1,000 BSC whales in the past 24 hours.
According to additional data from Cryptofees, Uniswap transactions covered fees worth $4.87 million while Ethereum [ETH] amounted to $4.58 million between June 15 and June 21. Historically, this is the result of high demand and increased transactions on the Uniswap DeFi exchange. This further means that even in a bear market, investors do not hesitate to use DeFi transactions.
Another reason for the high fees could be the acquisition of Genie. This will allow Uniswap to include both NFTs and ERC-20s on the exchange.
In other news, there was an increase of around 15% in the Uniswap DeFi TVL. However, the existing $5.2 billion is still the lowest since March 2021. At current levels, Uniswap DeFi is down around 45% year-to-date.
A quick metric tour
To further dive into Uniswap, the social volume metric can be taken into consideration. As per data from the chart below, it is inferred that there is limited discussion regarding the token on social media. It reached a monthly peak on 20 June, but fell down dramatically the following day.
Another metric used here is development activity on Uniswap. This metric plunged in late May and has been falling ever since. The biggest DeFi exchange needs to show more intent and spark conversations on social media to increase volume.
Despite the price surge, volume has fallen massively on Uniswap in the past 24 hours. It is currently down by 27% and with the social volume metric also stuttering, things are not looking for Uniswap right now. It seems the growing interest in DeFi and the NFT launches are the only factors driving Uniswap right now. And if the market was to go down again, Uniswap may be the first one in the list.
