Uniswap [UNI] hits new record as short-term relief continues
Uniswap is making big waves in the crypto market. Volume on Uniswap showed a big growth last week.
Notably, in August 2021, the network volume exceeded $9.62 billion but this week, totaled $8.62 billion. That number is down just 7% while total crypto capitalization is down 49% from this time last year.
The DEX is also seeing a huge increase in Twitter discussion rates. According to Santiment, this is more because there are so many "scam accounts" that target naive traders through automated comments.
In fact, Uniswap is having the most discussion on Twitter since its inception two years ago.
There have also been discussions about how Uniswap will react to the upcoming Ethereum Merge.
In a recent tweet, Uniswap stated that it will “continue to operate smoothly through the transition.”
Well, UNI is showing bullish activity in recent days despite last week's sell-off. Investors can look for short-term upside potential as multiple bullish factors match up on the DEX.
Uniswap continues running
UNI took a big leap on Aug 30 as overall market sentiment showed a broad-based recovery. At press time, UNI is trading at $6.33 after seeing a 6.8% gain over the past 24 hours.
However, this still caused UNI to lose 10% in the past week according to CoinMarketCap.
Interestingly, according to Santiment, traders continue to be nervous as reflected on the MVRV (30-day) chart.
UNI's MVRV rate, at press time, stands at -16.20%. But, importantly, it has shown a strong recovery since last week.
The UNI's RSI value, at the time of writing, stands at 54.71, meaning a rally cannot be expected in the coming days.
In fact, address activity has also led to increased pressure to buy tokens.
Uniswap is looking to improve as the short-term future of the token looks bright at the moment. Will the crypto industry's leading DEX lead the charge or will it continue to fall? Only time will tell.
Aug 31, 2022