Uniswap (UNI) Soars 76% as Price Hits Multi-Year High, Reason Uncovered
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The decentralized crypto trading platform Uniswap (UNI) is setting a rare pace in the market today after it recorded its best week in more than two years. At the time of writing, the digital currency jumped by more than 76% to hit a high of $12.36. This price level marks the best UNI has attained since it last recorded this price point in January 2022.
While massive price spikes are not unusual in the digital currency ecosystem, in the case of Uniswap, it is somewhat rare as the token has played second fiddle for more than two years. With this current rally, the price of the asset has jumped by more than 113% in the past month.
There are several unique fundamentals at play within the Uniswap ecosystem at the moment with the introduction of the UNI.ETH domain names as one of them. However, the protocol is also planning to make an important overhaul to its staking and fee-rewarding mechanism.
The upgrade will reward users who have already staked and delegated their tokens as the platform emphasized how their participation notably helped boost the decentralized nature of the trading engine. With the excitement and potential reward, the embrace of Uniswap has skyrocketed, with trading volume jumping 1,834% in 24 hours to $2,564,993,883.
Beating AI tokens to pulp
Over the past few weeks, AI tokens have been in the limelight, with the likes of Render (RNDR) and SingularityNET (AGIX) hitting sustained bullish surges, respectively.
The growth of Uniswap underscores how no single asset class has a monopoly to soar or not. Bitcoin (BTC) has also maintained a positive leaning thus far this year following the approval and launch of a spot exchange-traded fund (ETF) product tracking the price of the asset.
Overall, Uniswap’s latest upgrade moves and the accompanying growth moves might hit a cliff soon, but the current rally has sent over 56% of its wallet holders into profit, per data from IntoTheBlock (ITB).
