- Uniswap recorded upticks in social mentions.
- Also, UNI’s weighted sentiment index soared.
- Nevertheless, its daily active addresses and network growth plunged.
New Lunar Crush updates show Uniswap’s social mentions hit an ATH. The impressive surge came after the project’s increased focus on DEXs, following FTX’s fall. However, a question lingers, could there be more than the eye can see?
A Notable Thing
UNI’s recent developments within the NFT sector could have contributed to the asset’s social mentions surge. Also, Uniswap retained a positive weighted sentiment within the past few days. And the crypto community maintained a favorable stance towards the decentralized exchange.
Though Uniswap has capitalized on investor interest, the alt needs improvements on other fronts. Dune’s chat shows Uniswap exhibited high-order flow toxicity. Toxic flow is when the asset’s market price in the future is worse than the execution price after considering fees & price effect.
That means it could be challenging for retailers to generate significant returns from Uniswap’s liquidity pools. Despite that, Uniswap’s revenue surged 64.82% within the past 30 days (Messari data). Also, the project noted increments in transactions – a 66% surge in that timeframe.
UNI Metrics Dip
Nevertheless, the DEX noted continued declines in network growth, suggesting a reduction in new addresses transacting UNI for the 1st time over the past week. Moreover, the 24hr active addresses decline (Santiment data).
That saw Uniswap’s activity plummeting over the last week. However, Uniswap leads all DEXes as far as market share is concerned. Dune stats shows Uniswap accounted for about 53.6% of decentralized exchanges’ volume. UNI traded at $5.38 during this publication.
The altcoin plunged by 3.11% within the past day (Coinmarketcap data). Also, its volume depreciated by about 34.32% in that timeframe. Also, Uniswap holders should assess the broad market cues and Bitcoin’s movements for profitable decisions.
The crypto space attempted revivals following the recent crash. Nevertheless, bears still dominated the industry. Bitcoin remains weak at the $16K vicinity, changing hands at $16,539 during this publication. Only time will confirm future expectations.
Stay tuned for the latest cryptocurrency news.
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