UNI turns bullish: multiple bullish factors aligned on Uniswap DEX

1 year ago 53

Uniswap (UNI/USD) has shown some increased bullish activity in the past two days after a week that was largely bearish. Although there are no major news announcements around the UNI token, there has been a beehive of activities on the Uniswap decentralized exchange (DEX).

Uniswap is ranked among the best-decentralized exchanges and it has been making huge waves within the crypto market recently, especially within the decentralized finance (DeFi) space.

Uniswap’s volume

The trading volume on Uniswap has shown some tremendous growth in the previous week. The volume is about $8.62 billion.

Although Uniswap’s volume is down 7% compared to the same period last year (In August 2021, the volume was $9.62 billion), it is deemed a great achievement considering the overall crypto market cap has dropped by49% compared to the same time last year.

Increased social media activity

Besides increased activity on its DEX platform, Uniswap is also seeing an increased discussion rate on Twitter, which is one of the largest social media platforms, especially for cryptocurrencies. Uniswap is seeing the largest Twitter discussion since it was launched two years ago.

Part of the social media discussion is focused on the upcoming Ethereum Merge, which has caused a stir within decentralized finance with protocols being forced to choose whether support the Proof-of-Stake (PoS) version or not. There have been reports that there could be some Proof-of-Work (PoW) forks of Ethereum once the Merge takes place and some protocols like Chainlink (LINK) are keen on ensuring continuity for its users within the Ethereum ecosystem by not supporting any PoW fork versions of ETH once the Merge takes place.

In a recent tweet, Uniswap has also affirmed that it will “continue to work seamlessly through the transition.”

As Uniswap continues to improve, the short-term future of its native token, UNI, continues to look bright despite the recent sell-off.

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