Stock market experiences almost 10 surge due to bullish momentum
Uniswap (UNI) has experienced a notable surge in its price, rising by more than 9.8% over the past 24 hours, surpassing the $11 mark despite prevailing market conditions. This increase has propelled UNI’s market capitalization to $8.74 billion, securing its position as the 17th largest cryptocurrency by market cap, according to data from CoinGecko. Over the last seven days, UNI has seen a 17.1% price increase, and over the past month, it has surged by 63.6%.
The 24-hour price chart from CoinGecko illustrates Uniswap’s upward trajectory, showcasing its recent gains. In contrast, Bitcoin (BTC) saw a modest increase of about 0.7% during the same period, while Ethereum (ETH) recorded a 4.5% gain. UNI’s 9.8% rise stands out as the highest among major coins within the same timeframe, as depicted in the highest gainers chart from CoinGecko.
Despite its impressive price performance, UNI’s 24-hour trading volume of $489.2 million ranks it 16th among the most traded cryptocurrencies, just above Dogwifhat (WIF) and below Toncoin (TON), which saw a 2.6% price increase.
The recent surge in UNI’s price follows substantial accumulation by a wallet associated with the Amber Group, which acquired approximately $20 million worth of Ethereum and Uniswap. According to Lookonchain, this wallet withdrew 987,053 UNI valued at $10.6 million and 2,638 ETH worth about $9.2 million from Binance within a three-hour timeframe. Analysts suggest that such large-scale acquisitions by major players may indicate strong confidence in UNI’s future prospects, although they caution that sustaining momentum amid market volatility could prove challenging.
This recent price surge marks the second consecutive day of gains for UNI, initiated on June 14 after Uniswap posted a cryptic message on social media, hinting at the forthcoming support of a new layer-2 blockchain for Uniswap v2. This development follows the integration of Optimism, Arbitrum, Polygon, Blast, and Base.
In addition to these market movements, Uniswap Labs has made headlines by acquiring Crypto: The Game (CTG), a popular online survival game, which is expected to enhance Uniswap’s visibility and potentially attract more investors to the platform.
