Uniswap NFT volume declines by a great margin, but here’s the catch
Layer 2 networks see jump in dApp migration; the reason might surprise you
TRON [TRX] is ready for a further rally; investors can profit from this level
LINK: Looking into the details of Chainlink staking v0.1 early access launch
ETH key addresses intensify accumulation, weak hands continue to sell at a loss
Bitcoin takes a bullish stance but does that guarantee a buyer interest in BTC
How Bitcoin’s performance in November has affected futures contracts market
Bitcoin: FTX’s implosion and its impact on profitability, blockspace demand, and more
Bitcoin: This sudden increase could mean redemption for BTC but…
Bitcoin mining difficulty drops by more than 7%, thanks to crypto winter
ETH key addresses intensify accumulation, weak hands continue to sell at a loss
Can Polygon’s series of updates help MATIC get rid of its year-end woes
Ethereum may consider DAO stablecoins for the future as ETH slides
Ethereum NFTs surrender to crypto winter; will ETH suffer the same fate
ETH enthusiasts should brace for lower volatility based on these observations
Published
on
By
All eyes were on Uniswap during the launch of their NFT protocol. There was growth observed on multiple fronts due to this launch. However, according to data provided by Dune, it appeared that the hype around Uniswap had started to decline, at press time.
Read Uniswap’s Price Prediction 2023-2024
From the image below it can be observed that the NFT volume on Uniswap declined over the past few days. The daily volume for the NFTs traded on Uniswap went from $246k to $32k since its launch. The number of daily transactions for the same decreased from 445 to 35, at the time of writing.
Source:Dune Analytics
This decline in NFT activity has impacted the DEX negatively. According to Messari,’s data, the number of unique users on Uniswap had fallen by 9.7% and the number of overall transactions being made on the DEX had declined by 28.87% in the last seven days.
Furthermore, in the image below, it can be seen that after the spike caused by the NFT launch, the daily active addresses for UNI declined. Along with that, UNI’s transaction count and velocity also took a hit.
Source: Santiment
Interestingly enough, these indicators did not deter whales from investing in UNI.
According to WhaleStats, an organization dedicated to tracking crypto whales, Uniswap had been amongst the top 10 most purchased tokens by the top 1000 Ethereum whales.
This spike in interest can be credited to the increase in active developers on the Uniswap system.
The ongoing actions in the NFT space may result in interest being regenerated and it could reflect onto UNI’s positive price action.
Source: token terminal
That said, at the time of writing, UNI was trading at $5.96 and its price had increased by 0.91% over the last 24 hours, according to CoinMarketCap.
Layer 2 networks see jump in dApp migration; the reason might surprise you
Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot’s writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S – There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/
Uniswap: If this is not checked, the year-end might bring trouble for UNI holders
How UNI’s bearish divergence could turn into a shorting opportunity for traders
Uniswap [UNI] community remains at crossroads despite 314x potential
Uniswap NFTs take the crypto world by storm, but what about…
Uniswap sees surge in network activity following launch of NFT aggregator
UNI is ripe for buying opportunities after a bullish crossover, but…
Your email address will not be published.
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
