Uniswap Becomes First DEX to Exceed $3 Trillion in Volume
Uniswap's governance token, UNI, has increased nearly 50% in a few days, trading at approximately $7.26 after reaching a yearly low of $4.70 on May 8. This rise coincides with Uniswap achieving over $3 trillion in cumulative trading volume, making it the first decentralized exchange (DEX) to do so.
- Current daily trading volume is about $3.3 billion, with a 23% market share among DEXs.
- Total value locked (TVL) stands at $4.97 billion, reflecting renewed confidence in DeFi.
- Support for Ethereum’s EIP-7702 standard is underway, aiming for “one-click swaps.”
- Analysts suggest UNI could target $10, with bullish momentum indicated by an RSI of 67.
- Bollinger Bands show significant price expansion potential.
- Despite recent gains, UNI remains down over 84% from its all-time high of $45 in May 2021.
Market indicators point to potential further gains, with traders advised to monitor resistance levels around $7.4.