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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Uniswap Stuck In The Ground As UNI Copes With Falling Network Activity

Christian Encila
Christian Encila
2 years ago
6 mins read
Uniswap

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According to Santiment, the decentralized exchange Uniswap has not experienced any kind of recovery. Santiment recently tweeted that Uniswap is one of the outliers in the active addresses measure, indicating that the DEX’s native token UNI is underperforming relative to other cryptocurrencies.

According to the data, the number of functioning IP addresses last increased when Uniswap introduced its NFT market aggregator following the acquisition of Genie, the pioneering NFT market aggregator.

Address decline may indicate investors and traders have lost interest in the exchange.

Chart: TradingView

📊 Several #altcoins are seeing big upticks in address activity and dormant wallets awakening to move their funds right now. Others are staying stuck in the mud, and are more likely to fall behind. Read our short take on $YFI, $REN, and $UNI. https://t.co/MI1HQaLUpy pic.twitter.com/sRSyiDvqVe

— Santiment (@santimentfeed) December 15, 2022

Uniswap

Image: Forkast

Negative Market Sentiment

To summarize, Uniswap’s network activity has been very unpleasant for investors on its native token. As of writing, UNI is down 2.4% with subsequent drops in the weekly, bi-weekly, and monthly timescales. This negative market sentiment can be seen on-chain.

In the time after its release in November, the volume of NFT transactions processed by Uniswap’s marketplace aggregator has dropped significantly, as reported by Dune Analytics.

Numbers show that there were only 39 recorded transactions today, down from 446 on November 30. That is a drop of 91.25%.

This contradicts what Uniswap Labs COO Mary-Catherin “MC” Lader stated to Fortune in an interview. She stated that the NFTs’ underlying technology is still in its infancy. Other proponents of the technology have utilized this reasoning.

Whether or not the NFT business is in its infancy, data indicates that it is barely alive, with few customers and sellers, as seen by large declines in trade volume and sales.

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Incoming Headwinds

In addition to the UNI NFT issue, the market has yet to recover from the FTX collapse. The recent hike in interest rates by the US Federal Reserve adds to the strain.

With the big cryptocurrencies also seeing value declines, UNI’s long-term prospects may worsen. In terms of pricing, the token appears to find support in the $5.2 range. What’s interesting is that UNI has a strong correlation with Bitcoin.

This means that when Bitcoin appreciates, UNI will as well. The market will rebound as institutional interest in cryptocurrencies and digital assets in general grows. Short-term UNI bulls can benefit at the $6.5 price level.

Nonetheless, investors and traders should continue to take prudence, as further rises in interest rates by the central bank could result in market declines.

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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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