Uniswap Hits $1.7T Trading Volume Milestone; UNI Struggles to Stabilize
What does Uniswap’s volume milestone mean for UNI?
Uniswap recently reached a significant milestone: the platform’s trading volume has surpassed 1.7 trillion US dollars. This value represents the total number of swaps performed on the platform across all Uniswap versions. A remarkable achievement, especially considering the recent absence of significant movements in daily volume.
Uniswap volume sees November rally
According to the analysis by DefiLlama, there have been no major changes in Uniswap’s daily volume. The chart showed a steady trend with no notable events. However, there was an exception in March when the network recorded substantial activity. This surge led to a daily volume of over 13 billion US dollars. After that, the volume stabilized but maintained a respectable trend. Noteworthy was a revival of volume in November when it reached 1 billion US dollars. At the time of publication, it was over 1.2 billion US dollars.
TVL nearing YTD high
The year 2023 has seen a slow performance in the broader cryptocurrency market. This trend was also observed in Uniswap’s Total Value Locked (TVL), the total value of funds locked in the platform, which showed an ascending trend according to DefiLlama. In January, the TVL started at about 3.3 billion US dollars and dropped to about 3 billion US dollars by October. However, a trend reversal set in November. At the time of publication, the TVL was about 4 billion US dollars, representing an increase of nearly 1 billion US dollars since the beginning of the year.
UNI struggles to reclaim losses
The evaluation of the UNI price on Santiment showed no significant milestones. The chart showed that UNI had difficulty maintaining its price at the time of publication, which was about 6 US dollars. The challenge was evident in the observed decline, making it difficult to maintain this price range. After a notable loss in the previous trading session, there were signs of an attempt to reclaim some gains. At the time of publication, UNI was trading at about 6.1 US dollars, representing a slight increase of over 2.5%. Moreover, the Relative Strength Index (RSI) was over 50 at the time of the last update. Despite signaling a bullish trend, it is worth noting that the strength of this trend was not particularly strong.
Despite Uniswap’s impressive trading volume, the associated cryptocurrency UNI is currently struggling to offset its losses and maintain a stable price. It remains to be seen whether the recent positive developments at Uniswap will also have a positive impact on the price of UNI.
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