Uniswap gets slammed with high activity in November — Was UNI benefitted?

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  • Trans­ac­tion fees climbed to a six-month high on Uniswap in November.
  • UNI accu­mu­la­tion has per­sist­ed amongst coin traders. 

Lead­ing decen­tral­ized exchange (DEX) Uniswap [UNI] closed Novem­ber at its high­est month­ly fees since May, accord­ing to data from DefiLla­ma.

Infor­ma­tion retrieved from the data provider showed that the DEX gen­er­at­ed over $55 mil­lion in pro­to­col fees in Novem­ber, sur­pass­ing the $68 mil­lion gen­er­at­ed in May by 21%.

Source: DefiLla­ma

A month-over-month (MoM) assess­ment revealed that November’s fig­ure rep­re­sent­ed a 41% uptick from the $32 mil­lion that Uniswap record­ed in trans­ac­tion fees in October.

Uniswap saw increased usage

Trans­ac­tion fees on Uniswap climbed to mul­ti-month highs in Novem­ber because the 30-day peri­od was marked by a surge in trad­ing activ­i­ty on the platform.

AMBCryp­to found that dur­ing that month, the num­ber of active users on the DEX totaled 1.3 mil­lion, reach­ing its high­est lev­el since June.

As the user count ral­lied, trad­ing vol­ume on the pro­to­col also saw some growth.

In Novem­ber, the total trad­ing vol­ume on Uniswap amount­ed to $41 bil­lion. This was a 64% increase from October’s $25 mil­lion and more­over, was the high­est num­ber record­ed since March.

UNI bulls sustain momentum

Although the alt­coin spent the last two weeks of Novem­ber trad­ing in a tight range, its price climbed by over 40% in the last month. 

The ongo­ing nar­row price move­ment in UNI’s price mir­rors the gen­er­al mar­ket sen­ti­ment. Traders have most­ly stayed their hands from exe­cut­ing large trades.

While prof­it-tak­ing activ­i­ty gains momen­tum, UNI accu­mu­la­tion con­tin­ues on the spot mar­ket. The token’s Rel­a­tive Strength Index (RSI) and Mon­ey Flow Index (MFI) were 58.91 and 70.07, respectively. 

At these val­ues, these indi­ca­tors showed that UNI traders have main­tained their pref­er­ence for token accumulation.


Is your port­fo­lio green? Check the UNI Prof­it Calculator


Read­ings from its Mov­ing Aver­age Convergence/Divergence indi­ca­tor showed its MACD line rest­ing above the trend line. This sig­naled the exis­tence of a bull­ish trend in the UNI market.

On the token’s futures mar­ket, its open inter­est cur­rent­ly sits at a year-to-date high of $102 mil­lion, data from Coin­glass showed. In Novem­ber, UNI’s open inter­est increased by 43%. 

Source: Coin­glass

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