Uniswap (UNI) has experienced a price surge, climbing 17.58% in the last 24 hours as opposed to the single digit gains by Bitcoin and Ethereum. The token is currently trading at $11.10, with a 24-hour low of $9.42 and a high of $11.85.
Analyst Market Spotter notes that UNI’s price is moving as expected following a recent breakout. While the supply block at $11.5 may temporarily push the price down, Market Spotter anticipates a breakout to the upside in the near future.
Old School DeFi Tokens Gain Momentum
EtherPyrat, another prominent analyst, has observed that two of the oldest and most well-known DeFi tokens, UNI and Aave (AAVE), have been among the top five performers in the last three weeks. This resurgence in old-school DeFi tokens may be foreshadowing the upcoming Ethereum ETF “sell the news” event, which is expected to generate significant market rallies.
EtherPyrat draws a comparison to the Bitcoin ETF approval, where the market experienced a two-week correction followed by a two-month uptrend. The analyst also highlights the potential return of the “real yield” narrative, which was popular last year, as institutional investors seek to generate returns using Ethereum.
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Show more +Show less – Uniswap’s Upcoming Announcement and Smart Money Accumulation
According to iCrypto, Uniswap has hinted at an upcoming announcement in the past 12 hours. Speculation is rife that this could be the launch of Uniswap version 4 or another major update. The news has led to heavy accumulation of UNI by “Smart Money” investors, with the token ranking in the top four, only behind Maker (MKR), Floki Inu (FLOKI), and Chainlink (LINK).
The positive sentiment surrounding the anticipated announcement has driven UNI’s price up by 18.9% to $11.38, with a 24-hour trading volume of $842 million, representing a 436% increase from the previous day.
#Uniswap Reveals New Announcement – $UNI to the Moon? Read the analysis of $UNI here https://t.co/8VtltwOn7TIn the past 12 hours, Uniswap has hinted that it will soon have big news. Could this be the announcement of the launch of Uniswap version 4 or another BIG… pic.twitter.com/B3nF8Zl2Ky
— iCrypto | Sentiment & On-chain Analysis (@iCryptoAI) June 5, 2024
Smart DEX Traders’ Activity
iCrypto has also recorded notable buy orders for UNI from Smart DEX Traders. On May 22 and 25, large buy orders of around $1.1 million were observed. One notable wallet, 0x86d9, has a win rate of 53.85% and an impressive trading history, with successful investments in tokens such as Aavegotchi GHST Token (ASG), RISER Vault NFTS (RVST), and Merit Circle (MC).
This wallet currently holds 12.27K UNI, worth approximately $139,960, and purchased an additional 800 UNI at around $9.35 ($7,500) 13 days ago.
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The post Here’s Why Uniswap (UNI) Price Is Pumping appeared first on CaptainAltcoin.