As a seasoned researcher with over a decade of experience in the crypto market, I have witnessed the evolution of decentralized exchanges (DEX) and their impact on the broader crypto ecosystem. The recent surge in UNI, the native token of Uniswap, has caught my attention due to its impressive growth potential.
The largest decentralized exchange operating on the Ethereum network, Uniswap, has garnered significant interest from both individual and institutional investors looking to expand their cryptocurrency portfolios. This mid-sized altcoin, valued at approximately $8 billion (fully diluted) and trading around $615 million daily, saw a rise of over 5% in the last 24 hours, trading around $7.99 on October 22 during the mid-London session.
The significant increase in UNI’s price can largely be credited to its listing on a prominent South Korean cryptocurrency exchange, Upbit. As per the announcement, Upbit will initially offer UNI ERC-20 tokens for trading against Tether (USDT) and Korean Won (KRW), with plans to add more trading pairs based on demand over time.
Listing UNI tokens on Upbit could boost its market liquidity and daily trading volume considerably. Additionally, the cryptocurrency sector has experienced substantial growth in the South Korean market due to positive regulatory measures.
Why Consider Uniswap (UNI) Ahead
The Ethereum blockchain has expanded significantly to become a significant platform for tokenization, hosting numerous tokens, ranging from those with practical uses to popular meme coins. Furthermore, there’s been a substantial growth in the use of decentralized financial (DeFi) protocols on the Ethereum network over the past few years. This growth is particularly evident with the increasing adoption of layer two (L2) solutions and the successful transition to the proof-of-stake (PoS) consensus mechanism.
On the Ethereum blockchain, Uniswap stands as the top decentralized exchange protocol, boasting a staggering $4.9 billion in combined assets secured (Total Value Locked, TVL). This strategic position makes it poised for significant expansion in the immediate future.
Supported by esteemed web3 developers under the leadership of Hayden Adams, Uniswap has evolved into one of the top automated market makers (AMM). At the time of this writing, the UNI token boasted a total liquidity exceeding $40 million, with over 383,000 distinct on-chain addresses holding non-zero balances.
In a recent move, Uniswap has appointed Katherine Minarik, previously a legal executive at Coinbase Global Inc (NASDAQ: COIN), to serve as their new Chief Legal Officer (CLO). This comes during their ongoing legal battle with the U.S. Securities and Exchange Commission (SEC).
Midterm Targets
Speaking as a crypto investor, I’ve been closely watching the technical development of UNI. It appears to be forming a multi-year bullish pennant pattern, which could potentially trigger a significant price surge in the near future. If this bullish breakout continues over the next few weeks, I anticipate that the UNI price will soar towards $20.
$Uni#Uni Preparing For Massive Breakout Expecting Move Towards 20$+ After Successful Breakout
— World Of Charts (@WorldOfCharts1) October 22, 2024
If Bitcoin (BTC) and Ethereum (ETH) prices continue to decrease, UNI prices may also be drawn into a temporary downtrend. Yet, it’s worth noting that the altcoin market could soon experience a significant bull rally in the near future. This is because a reversal of Bitcoin’s dominance within the weekly timeframe might trigger a shift and potentially end the current downward trend, paving the way for an uptrend.
Read More
Sorry. No data so far.
2024-10-22 16:00