UniSwaps UNI DeFi token has shot to fame with a massive rally this year. The latest price jump comes on the backdrop of improving fundamentals of the UniSwap network.
While the broader cryptocurrency market remains under pressure, the decentralized finance (DeFi) crypto space draws investors attention. Over the last week, the overall DeFi market is up 50% with UniSwaps UNI DeFi token leading the show.
The decentralized exchange (DEX) UniSwaps native UNI token surged all the way to its new all-time high above $15 on Wednesday, January 27. As per data on Messari, UniSwap has gained a whopping 88% on the weekly chart. Just to know more, its year-to-date gains stand at a whopping 200% at press time.
As of writing this article, the UNI DeFi token is trading at a price of $13.94 with a market cap of $4.07 billion. UniSwap has gone to become the largest decentralized exchange (DEX). As Messari writes:
Decentralized Exchange (DEX) volumes have been soaring to start 2021. At their current pace, monthly DEX volumes could blow past their previous record set in September 2020, reaching more than $55 billion. With clear product-market fit, accelerating volumes, and significant earnings potential, DEXs – and in particular automated market makers – have quickly become the most successful DeFi protocols to date.
UniSwap (UNI) Whale Addresses on the Rise
The UNI price surge in recent times comes on the backdrop of rising fundamentals. The number of whale addresses with more than 100K UNI tokens has surged to above 237 in recent times.
🦄📈🐳 #Uniswap has just broken yesterday's #AllTimeHigh, & just crossed $13 for the first time. New whale addresses are a clear reason! Our whale holders data indicates addresses with 100k or more $UNI have inflated to a new high themselves at 237. https://t.co/WqpNlq1ZRt pic.twitter.co ...
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