Uniswap [UNI] registered 2,295 new UNI-related wallets in a single day and marked its highest daily network growth since November 2022.
According to Santiment’s analysis, the hike in wallet recreation was mainly linked to recent developments in the Uniswap ecosystem.
Something is still not right!
According to AMBCrypto’s recent report, Uniswap recently launched Aggregator Hooks across Ethereum [ETH], Base, and Robinhood Chain. This was done in order to enable v4 pools to access external liquidity and expand trading routes.
In other words, these developments appear to have attracted more users, traders, and developers to the ecosystem.
However, an OTC-linked wallet that deposited 180,000 UNI, worth around $1.25 million to Binance, raised potential selling-pressure concerns at the same time. Still, Spot buying has remained dominant, suggesting that buyers may be absorbing the uncertainty.
UNI’s price action raises hopes and concerns at the same time
The timing is interesting since UNI has pulled back from nearly $11 to around $7 amid broader market weakness. In fact, at press time, UNI was trading at $6.80 after a drop of 5.4% in the last 24 hours. However, this can just be a short thing as the altcoin has seen a year-to-date hike of 20.5%.
Remarking on the same, a crypto investor noted,
$UNI is back in a zone where i think it’s more worth paying attention than being afraid.
And yet, despite all of this, the altcoin’s underlying activity has been strong, with $75.7 billion in 30-day trading volume, $94.3 million in fees, $11.4 million in protocol revenue, $7.2 billion in TVL, and 5.7 million monthly active users.
So, given the prevailing price action, the next important level for the altcoin is $7.50. And, if UNI moves above and sustains this price, it could signal improving bullish momentum and open the door to a potential move towards $8.
But, if UNI falls below $7 while new wallet creation declines, it could simply mean that the recent hike in activity was driven by short-term excitement rather than sustained demand.
Final Summary
- Uniswap recorded its highest daily network growth since November 2022.
- Meanwhile, its price was trading at $6.80 after a drop of 5.4% in the last 24 hours.