Unswap [UNI] soul searching, thanks to these warning signs
Transaction volume between decentralized exchanges (DEX) over the past seven days totaled $12 billion, according to data from Dune Analytics. With $8.36 billion connected trading volume in the last week, Unswap enjoyed a 70.1% share of the total DEX market.
Trading hands at $9.04 at the time of writing, the protocol’s native token, UNI, has seen massive growth over the past month. According to a new report of Sentimentthe number 15 largest-cap has risen more than 140% in its price since June 18.
“UNI” – price rally that had a precedent
On July 18, UNI traded hands at $3.65. Looking at the growth over the last 48 days, the price of UNI was $9.08 at the time of writing. According to data from CoinMarketCapduring the bull run in July, the token rose over 65%.
With its daily trading volume at 270.79 million at press time, UNI’s trading activity has seen a 70% increase since June 18.
Within the period under review, the token rallied to a high of 637.21 million in trading volume on June 28, the highest it has seen in three months.
Additionally, within the same period, the token’s market cap increased from $5.38 billion to $6.76 billion.
UNI in the chain
According to the report, in a 30-day moving average over the past month, daily active addresses on the network rose to higher than 1,100 addresses per day. As the price rose to a high of $9.28 on July 28, unique addresses traded UNI totaled 1,966.
New addresses joining the network have also increased over the past month. On July 19, UNI recorded a daily high of 595 new addresses, the highest the network has recorded since May.
Additionally, in its report, Santiment noted that since May, UNI has seen a sharp increase in whale activity. According to the report, in the past two weeks, addresses holding between 100,000 and one million UNI have increased the accumulation, resulting in the price of the token maintaining its upward trend.
IIn addition, whale trades above $100,000 have also risen to reach their May levels.
On the social front, on July 12, UNI’s social dominance reached a high of 2.08%.
This is the highest the token has seen in the last year.
At press time, that metric stood at 0.589%.
After seeing the high of 1466 on May 15, the token’s bullish activity took a downward spiral. At press time, that was 121.