Uniswap: How UNI Is Emerging Victorious Amid Ongoing Bearish Market
- Uniswap saw an enormous increase in social engagements and mentions.
- Though the project saw increased revenue, the daily active user metric plummeted.
The overall market focus has gradually shifted towards leading decentralized exchanges (DEXs) amidst the current FTX debacle. The recent Lunar Crush data shows Uniswap has seen heightened attention from longer-term investors among all the decentralized exchanges.
Luna Crush’s co-founder stated that UNI’s social mentions stood at 1.6x more than ETH. Meanwhile, the social engagement index was higher by 6.2x. Such developments showed discussions about decentralized exchanges like Uniswap have grown.
Also, UNI’s weighted sentiment index saw an upsurge within the last few days. Increased weighted sentiments show the cryptocurrency community had more positive debates about Uniswap.
Assessing the Numbers
Uniswap fees recorded increments between November 9 and 11. Nevertheless, sessions after November 11 saw declines on the same metric. Also, the daily active user metric followed similar trends. Meanwhile, Uniswap’s total revenue remained elevated despite the fees and trading activity slump, increasing by 45% within the past 30 days. The crypto’s trading volume saw a 40% surge.
The increasing trading volume might explain why Uniswap has topped the charts in the DEX marketplace. Moreover, UNI displayed dominance as far as pool value is concerned. Dune chat shows Uniswap’s pool value outshined SushiSwap within the previous months.
Moreover, these optimistic developments favoring Uniswap show why UNI has attracted increased whale attention. WhaleStats, a whale tracking website, indicated that UNI was among the most-held coin by the leading 100 ETH whales.
While publishing this blog, UNI changed hands near $5.94, following an approximately 5.07% decline over the past 24 hours. That timeframe saw the token’s volume plunging by 25%. Meanwhile, the entire crypto market remained downbeat during this publication. Most digital assets saw bearish price actions as they contemplated new directions following the latest crash.
While writing these lines, the global cryptocurrency market capitalization stood at $830.42 billion, increasing by 0.32% over the past 24hrs. Bears visibly dominated the marketplace and threatened further declines in the upcoming times.
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