Uniswap Token Surges as Crypto Market Rallies
On May 8, the Uniswap token (UNI) experienced a notable price increase, rising 17% to its highest point in two weeks. This surge coincided with a broader uptick in the crypto market, with Bitcoin (BTC) crossing the $100,000 mark.
Uniswap’s token price climbed above $5.50, driven by a 70% increase in daily trading volume to over $214 million. Analysts from Santiment, a market intelligence platform, noted this rally could have mixed effects.While retail investors might fuel the surge due to media hype,excessive optimism could also lead to a slowdown.
Key factors supporting UNI’s rise include the recent Ethereum Pectra upgrade. This update, the first as Dencun in March 2024, introduces 11 improvements. These enhancements boost user experience, staking mechanics, and layer 2 integration.
unichain, a platform favored by the Uniswap community, also contributes to the bullish sentiment. With all 7,702 smart wallets now supported on the Uniswap web app, Unichain has become a top player in the decentralized exchange ecosystem. According to DeFiLlama data, Unichain’s weekly volume reached $1.99 billion, a 14% increase.
In the past 24 hours, Unichain’s volume surpassed $354 million, making up most of Uniswap V4’s daily activity. The total value locked on Uniswap is now around $4.27 billion, reflecting the platform’s growing popularity.
