Following the surge amid the continuing market rebound, Uniswap (UNI) is once again making headlines. Since the beginning of the week, the DeFi exchange has been showing indicators of movement to the north. Looking at the price development over the past few days, it appears that UNI’s goal is to finish off June strong. The soaring price of the UNI token can also be attributed in large part to whale accumulation.
At press time, UNI had risen by 55% in the previous week to £4.56 and had gained a further 2% over the previous 24 hours. This represents a significant increase for the token after it recently crashed to as low as £2.76.
Additionally, whale accumulation has been concentrated in Uniswap. Among the top 1,000 BSC whales over the last 24 hours, UNI has been the most bought token.
Data from Cryptofees shows that between June 15 and June 21, fees for Uniswap transactions were £3.97 million, while fees for Ethereum (ETH) transactions totaled £3.73 million. This implies further that investors do not hesitate to use DeFi transactions even in a weak market conditions.
The addition of Genie may also be a factor in the high fees. As a result, Uniswap will be able to list NFTs and ERC-20s on the market.
In other developments, there has been a roughly 15% increase in the Uniswap DeFi TVL. The current £4.24 billion is, however, still the lowest since March last year. The Uniswap DeFi has shrunk by almost 45% from its January 1 values to its current levels.
According to data, there isn’t much talk of the token on social media. On June 20, it peaked for the month, but the next day it plummeted sharply.
On the development activity front, the metric took a tumble and has been declining ever since.
Despite the price increase, volume on Uniswap has drastically decreased over the last 24 hours. The only things propelling Uniswap at the moment appear to be the rising interest in DeFi and the NFT debuts.