Uniswap is making huge waves in the cryptocurrency market. The trading volume on Uniswap has shown tremendous growth over the past week.
Notably, in August 2021, the network’s volume exceeded $9.62 billion, but this week it reached $8.62 billion. This is only a 7% drop, while the total crypto cap is down 49% compared to this time last year.
DEX is also seeing a sharp increase in the frequency of discussions on Twitter. according to feelingsThis is due more to the abundance of “scam accounts” that target gullible traders through automated comments.
In fact, Uniswap is seeing the largest volume of discussions on Twitter since its inception two years ago.
There have also been discussions about how Uniswap will interact with the upcoming Ethereum Merge.
In a recent tweet, Uniswap claimed It “will continue to operate smoothly throughout the transition.”
Well, the UNI indicator is showing bullish activity in recent days despite the selling last week. Investors may have upside potential in the short term as many bullish factors align with DEX.
uniswap continues to run
UNI took a big step on August 30 as general market sentiment showed a broad-based recovery. As of press time, UNI is trading at $6.33 after seeing a 6.8% increase in the past 24 hours.
However, this still leaves UNI 10% in loss over the past week according to CoinMarketCap.
Interestingly, according to Santiment, traders continue to remain under pressure, which is reflected in the MVRV (30-day) chart.
UNI’s MVRV at the time of writing was -16.20%. But more importantly, it has shown a strong recovery since last week.
The value of UNI’s RSI, at the time of writing, stands at 54.71 which means that the upward trend in the coming days is really unpredictable.
In fact, address activity has also increased the buying pressure for the token.
Uniswap is looking to improve as the token’s short-term future looks bright at the moment. Will Crypto Industry Leader DEX Take Charge Or Will It Fall Again? Only time can tell.