These Warning Signals Have Uniswap (UNI) Going ‘Soul-Searching’

Decentralized exchanges (DEXes) saw $12 billion in trading volume within the past seven days (Dune Analytics data). With $8.36 billion trading volume within the previous week, Uniswap cheered 70.1% of the overall DEX industry.

Meanwhile, the protocol’s native coin, UNI, witnessed exponential growth within the previous month. While publishing this post, UNI traded at $9.04. According to Santiment’s new report, the 16th digital coin by market cap recorded a staggering 140% price surge since June 18.

‘UNI’-Que Price Rally

July 18 sessions had UNI trading at $3.65. Meanwhile, upside tendencies within the past 48 days have the alternative token hovering at around $9.08 during this publication.

According to Coinmarketcap’s data, UNI surged more than 65% during July’s bull run. The altcoin’s trading activity recorded a 70% surge since June 18, with press time 24hr trading volume at 270.79 million.

The timeframe under review saw the alt surging towards 637.21M peaks in trading volume on June 28, the highest in three months. Moreover, this period had UNI’s market cap surging to $6.76 billion from $5.38 billion.

On-Chain

The report indicated that Uniswap’s daily active wallets hit highs of more than 1.1K UNI addresses per day, on the 30-day MA, in the previous months. Meanwhile, unique wallets that traded UNI tokens totaled 1966 as the token’s price surged towards the $9.28 high on July 28.

New addresses registering on the platform have also increased within the previous month. UNI recorded a daily peak of 595 new wallets on July 19, the highest since May.

Moreover, Santiment’s report indicated that UNI recorded an increase in whale activity since May. It highlighted that addresses with 100,000 – 1 million UNI amplified accumulation over the past two weeks, helping the alt to maintain its upside.

Furthermore, whale transfers beyond $100,000 have recorded a surge to hit May areas.

On the social side, July 12 had Uniswap’s social dominance hitting a 2.08% high – the highest UNI has witnessed over the past year. This metric hovered near 0.589 during this publication.

Meanwhile, the crypto’s developmental activity resorted to downtrends after hitting the 1466 high on May 15. While writing this content, it wavered at 121.

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