Will Uniswap [UNI] be a dark horse post-Bitcoin halving?

Based on a recent move made by a whale, it’s possible that Uniswap (UNI) may experience significant growth in the upcoming weeks. As reported by Spot On Chain, this large investor transferred their UNI tokens from Binance for the initial time.

A total of 121,871 tokens were in possession, worth approximately $954,000. By taking these tokens out of the exchange, it suggested that the individual did not intend to sell them imminently.

In terms of price movements, this indicated a bullish sign for UNI. just a few weeks ago, there was a significant drop in UNI’s value following news from the U.S. SEC that they were considering legal action against Uniswap Labs, the company responsible for UNI’s development.

The announcement of this news instilled fear, uncertainty, and doubt among investors regarding the token, causing its price to drop significantly to $5.86.

In the past week, the cryptocurrency’s value has risen by 8.31%, reaching a price of $7.81 per unit.

DeFi’s time to shine?

Additionally, AMBCrypto observed that the large investor not only disposed of his Compound (COMP) tokens on Binance (BNB), but also withdrew them.

In this situation, it’s plausible that DeFi tokens, including UNI, could experience price increases.

In contrast to previous bull markets, DeFi (Decentralized Finance) hasn’t been a leading theme during this market cycle. Instead, the focus has shifted towards meme coins, Real World Assets (RWAs), and Artificial Intelligence (AI) tokens.

Has the latest occurrence resulted in any significant shifts regarding UNI? We examined this question by assessing public opinion on the subject.

Currently, the sentiment analysis for Uniswap shows that negative comments outnumber positive ones. This shift suggests a prevailing pessimism among those discussing the project.

Normally, a high metric value may indicate that UNI could be experiencing low demand. However, the Market Value to Realized Value (MVRV) ratio indicated a different story.

Will Uniswap [UNI] be a dark horse post-Bitcoin halving?

Currently, the average UNI token holder would experience a 10.01% loss if they sold at the current market price, based on the 30-day MVRV (Maker Faker Ratio) calculation.

UNI regains trust

Few people would take that action among UNI holders. Therefore, a potential buying chance may emerge between $6.50 and $8. With growing demand, UNI’s price could rebound to reach double-digits once more.

An upcoming surge in altcoins may additionally boost their prices, potentially reaching targets between $15 and $20.

Uniswap, as reported by AMBCrypto, is showing signs of rebounding based on an increase in its Total Value Locked (TVL), indicating that any negative rumors or fears (FUD) may be subsiding.

Realistic to not, here’s UNI’s market cap in BTC’s terms

Based on DeFiLlama’s data, the total value locked in the protocol grew by an impressive 138% over the past month. This significant surge suggests that users hold a high level of confidence in the protocol.

Will Uniswap [UNI] be a dark horse post-Bitcoin halving?

Due to the increase in the amount of assets being staked and secured, their value has significantly grown. If the Total Value Locked (TVL) keeps climbing at its current pace and reaches levels similar to those seen in 2021, UNI‘s price may come close to its record high once more.

2024-04-22 06:15

DeFi’s time to shine?

UNI regains trust

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