Uniswap (UNI) Price Skyrockets as New Addresses Hit 19-Month High

Uniswap (UNI) Price Skyrockets as New Addresses Hit 19-Month High

Key Insights

  • According to DefiLlama, the Total Value Locked (TVL) in several popular NFT protocols has been dropping steadily as the months go by.
  • However, despite the decline in the demand and popularity of NFT art pieces, the Decentralized exchange platform, Uniswap remains bullish on them.
  • Uniswap has now announced that it has launched an NFT aggregator on its website.

Uniswap is bullish! The current crypto winter that continues to ravage the market has affected several parts of the blockchain and Defi world. One of these parts is the NFT niche and the demand for it.

According to DefiLlama, the Total Value Locked (TVL) in several popular NFT protocols has been dropping steadily as the months go by, with protocols like NFTX losing as much as 22.31% over the last month and others like the Solv Protocol dropping by 21.63% over the last month.

However, despite the decline in the demand and popularity of NFT art pieces, the Decentralized exchange platform, Uniswap remains bullish on them.

After acquiring Genie in June for an undisclosed sum, Uniswap has now announced via a blog post, that it is launching an NFT aggregator on its website.

Uniswap's New NFT Aggregator

At the time of writing, Uniswap is the largest decentralized crypto exchange in the world, with more than a billion dollars in trading volume every day.

However, despite Uniswap's success during the current crypto winter itself, the DEX aims to expand its coasts and raise the playing field by venturing further into the NFT niche.

With Uniswap's new NFT aggregator, users can simultaneously browse listings and "global floor" prices from seven different marketplaces, including OpenSea, LooksRare, NFTX, and others. Additionally, users can advertise NFTs for sale on various marketplaces and purchase them in bulk via a single transaction.

Then, users can compare prices across these marketplaces and decide whether to buy or sell their own NFTs, either one at a time or in batches.

Uniswap's new NFT aggregator, according to the DEX, isn't just a repackaged Genie. Several marketplaces have been added, and its smart contracts have been revamped to consume 15% lower gas fees.

Uniswap is not competing with OpenSea, Uniswap has clarified. The new NFT aggregator only provides access to these marketplaces, alongside other important features that make NFT trading easy for the end users.

Uniswap's new NFT aggregator is set to be the first major NFT platform to open-source its frontend code.

And as part of the launch, until 14 December, Uniswap will offer it's first 22,000 aggregator users limited gas rebates on their initial transactions, up to 0.01 ETH each (roughly $12). The Uniswap app can claim rebates after 16 January next year.

A $5 million USDC airdrop for "selected historical Genie users" will also be available to early Genie adopters via the Uniswap official website to commemorate the launch.

Owners of Genie's Genesis NFTs or Genie Gem NFTs will be eligible for $1,000 each, while Genie users who completed more than one transaction before April 15 will each be eligible for $300.

Santiment, the blockchain and crypto data aggregation platform, has also chipped in a few statistics via a tweet.

According to Santiment, Uniswap saw 3,180 new $UNI addresses created within 24 hours and had 8,000 active addresses at once for the first time in 19 months.

According to the snapshot shared by Santiment in the tweet, the new Uniswap NFT aggregator was the main propelling force behind the growth of the Uniswap network.

They also note that this spike in new and active addresses has hit its highest level since 4 May 2021.

Uniswap (UNI) Price Analysis 

Uniswap has been in a symmetric triangle formation since February this year.

When the cryptocurrency price hits the top of the triangle formation, the bears push UNI lower and buy the dips again, at the bottom of the triangle.

As far as the cryptocurrency's price action goes, there appears to be a healthy amount of demand at the bottom of the triangle.

At the time of writing, the 20-day EMA has gravitated to this zone, meaning that the demand zone for Uniswap sits at an average price of about $5.67.

<em>Chart showing the price action of Uniswap Token | Source: TradingView</em>
Chart showing the price action of Uniswap Token | Source: TradingView

The RSI indicates that the bulls may now be winning against the bears. The RSI sits at the neutral zone, at the 50 levels.

Overall, the 20-day EMA is an important line to watch. If the bulls maintain their strength and can push the price of the cryptocurrency to the top of the triangle around the 7.16 zone. They will also have a chance to attempt another breakout from the top of the triangle and a rally to the $9.5 zone.

Suppose the cryptocurrency price fails to rise above this demand zone around $5.7. In that case, the bears may take it as a selling opportunity and initiate a breakdown of this support, crashing the price of the cryptocurrency to the next support level of around $3.3.

Disclaimer: Voice of crypto aims to deliver accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.

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