Uniswap spikes nearly 10% amid bullish momentum

Uniswap (UNI) has seen a notable price increase of over 9.8% in the past 24 hours, breaking above $11 as it defied broader market conditions. 

This surge in UNI’s price has pushed its market cap to $8.74 billion, placing it at 17th among the largest cryptocurrencies by market cap.

According to data from CoinGecko, the current UNI price represents a 17.1% increase over the last seven days and a 63.6% jump across 30 days. 

While Bitcoin (BTC) only made marginal gains of about 0.7% in the last 24 hours and Ethereum (ETH) gained 4.5%, UNI’s 9.8% uptick represented the highest gains of any coin in that period.

However, the coin’s 24-hour trading volume of $489.2 million placed it sixteenth among the most traded cryptocurrencies in the last day, just above Dogwifhat (WIF) and below Toncoin (TON), whose price is up 2.6%.

Significant accumulation spurs optimism

The recent price hike for UNI follows significant accumulation by a wallet linked to the Amber Group, which bought around $20 million worth of Ethereum and Uniswap.

According to Lookonchain, the wallet withdrew 987,053 UNI, valued at $10.6 million, and 2,638 ETH worth an estimated $9.2 million from Binance within a three-hour window.

Some market analysts have suggested that such substantial acquisitions by major players could signal strong confidence in UNI’s future prospects.

However, they caution that while large buys can trigger short-term price increases, sustaining this momentum may be challenging amidst market volatility.

Recent developments and future prospects

This latest surge marks the second consecutive day of rising UNI prices. The initial uptick began on June 14 following a cryptic message from the decentralized exchange on social media, as can be seen below: 

The message was followed by hints that Uniswap v2 is preparing to support a new layer-2 blockchain after onboarding Optimism, Arbitrum, Polygon, Blast, and Base.

In addition to these market movements, Uniswap Labs is making headlines in the crypto community with its acquisition of Crypto: The Game (CTG), a popular online survival game.

Many feel the game could further boost Uniswap’s profile and attract more investors to the platform.