While the crypto market consolidates, the Uniswap token saw a sharp rise in its prices. Over the past week, UNI price saw a massive 20% price increase while other cryptocurrencies struggled to consolidate. Why is Uniswap up? Is Uniswap a good buy today? Let’s analyze UNI in this Uniswap price prediction article.
What is Uniswap Crypto?
Uniswap is a decentralized exchange (aka DEX) based on the Ethereum blockchain that also functions as a coin. While its token holders run it, its Blockchain is open source and available for everyone to read and edit. It functions as a DEX and gives users access to its platform for peer-to-peer market making. These transactions don’t need a broker or a third party, like any conventional DEX transaction. It is less expensive to run and utilize for users because of the absence of this interference. The platform’s use of an opening numerical statement is one of its distinctive features. This enables buyers and sellers to trade assets without having to decide on fees and other factors that can impede them. Any ERC-20 token may now be exchanged on the platform.
What sets Uniswap from other DEXs?
Uniswap utilizes smart contracts to perform its Automated Market Maker (AMM) duties. Additionally, Uniswap employs the Constant Product Market Maker (CPMM) as its evaluation model in contrast to other DEXs. The CPMM is an AMM variant that runs without an order book. The platform is extremely effective at trading with smart contracts while avoiding liquidity problems. The Uniswap platform is similarly permissionless and unrestricted for everyone. As a decentralized protocol, Uniswap receives support from Paradigm Hedge Fund even if it loses money. The creator does not receive any compensation from the platform; all fees go to liquidity providers. UNI is the platform’s native and utility token, and its owners are in charge of running it.
Why is Uniswap UP? UNI Price UP 20%
In the past 7 days, UNI prices shot up by around 20%. This happened while the entire crypto market struggled to make any green movement. In fact, if we look at figure 1 below, we can see how UNI prices were on a strong uptrend from mid-June till mid-August 2022. However, prices adjusted lower and retraced towards the 50% retracement area and broke it lower. In the past 7 days, UNI simply went back towards this 50% retracement area and reached the important price of $6.5.
In fact, the $6.5 price area is an important milestone for Uniswap. This is where UNI prices consolidated before determining their next move. In figure 2 below, we show why this brief previous consolidation around that price area. Where will UNI prices go next? Keep reading!
Uniswap Price Prediction – Where will UNI reach?
Now that we saw UNI prices pump, we should expect a brief adjustment. This is especially because of the $6.5 price area, which might work as a resistance. Once this happens, the next targets for UNI will be the following:
In figure 2 below, we can spot a reversed head and shoulder formation, which should confirm an upcoming uptrend for UNI.
Despite 2 Entities Holding 73% of the FTX Token Supply, FTT Price Still Holds Above $1 per Unit
While a large fraction of crypto assets dropped a great deal in value during the past few weeks and bitcoin is down 18.2% in 30 days, the exchange coin ftx token (FTT) still trades above a U.S. dollar per unit. Moreover, the unknown entity known as the ‘FTX Accounts Drainer,’ still holds the second largest […]
While a large fraction of crypto assets dropped a great deal in value during the past few weeks and bitcoin is down 18.2% in 30 days, the exchange coin ftx token (FTT) still trades above a U.S. dollar per unit. Moreover, the unknown entity known as the ‘FTX Accounts Drainer,’ still holds the second largest FTT wallet with 45.85 million tokens worth $61.44 million.
FTT Remains Above $1 per Unit During the Past 2 Weeks Since the FTX Collapse
It’s been over two weeks since FTX filed for Chapter 11 bankruptcy protection and on that day, FTT was still trading for $3.46 per unit. 16 days later, FTT’s price has consolidated and during the past 24 hours, FTT’s been trading for prices between $1.33 and $1.39 per unit.
In fact, FTT has remained above a single U.S. dollar since Nov. 12, 2022, and it still has not breached the low it saw in September 2019, back when FTT traded for $1.15 per unit. On Sunday, Nov. 27, the exchange token backed by a bankrupt business has around $5.26 million in global trade volume. This week, FTT tapped a high of $1.53 per unit and a seven-day low of around $1.23 per FTT.
Since the inception of FTT, the ERC20 token has seen 411,970 transfers according to the blockchain explorer etherscan.io. On Nov. 27, approximately 24,874 wallets hold the FTT token but the largest wallet holds 195,869,338 FTT or 59.55% of the entire supply.
The second-largest FTT owner is the same person as the ‘FTX Accounts Drainer’ hacker and it holds 45.85 million FTT tokens worth $61.44 million using today’s exchange rates. The Bitdao holds 3,362,316 FTT and Wormhole holds roughly 2,818,904 FTT at the time of writing.
Between the largest and second-largest FTT addresses, more than 73% of all the FTT tokens are held by two entities. During the last seven days, there was approximately $7.69 million worth of FTT transactions greater than $100K. Prior to the FTX collapse and bankruptcy filing, Alameda Research held one of the largest caches of FTT. The former Alameda CEO Caroline Ellison has reportedly left Hong Kong to flee to Dubai.
What do you think about the market performance of FTT token during the last two weeks? Let us know what you think about this subject in the comments section below.
Source: Markets and Prices Archives – Bitcoin News