Uniswap Jumps 17% to Two-Week High Amid Crypto Market Rally

Uniswap’s native token (UNI) experienced a significant price surge, climbing 17% to reach its highest point in two weeks during a broad cryptocurrency market upswing on May 8th.

The price of UNI surpassed $5.50, coinciding with Bitcoin’s reclaim of the $100,000 level, which propelled the decentralized exchange’s token upwards. This price increase was supported by a substantial rise in daily trading volume, with over $214 million worth of UNI traded in the past 24 hours, marking a 70% jump.

Analysts at Santiment have noted that Bitcoin’s rally could influence Uniswap’s momentum. While retail “fear of missing out” (FOMO) might further drive the rally, an overwhelming number of positive predictions could potentially act as a headwind.

The recent Ethereum Pectra upgrade has also contributed to UNI’s gains, enhancing the overall positive sentiment within the cryptocurrency market. Pectra introduces several key improvements to Ethereum, including smart accounts, upgrades to the staking mechanism, and better integration with layer 2 solutions.

Furthermore, the increasing popularity of Unichain within the Uniswap community is bolstering the bullish outlook for UNI. Following the activation of Pectra, all 7,702 smart wallets on the network are now fully supported by the Uniswap web app, highlighting Unichain’s important role in the decentralized exchange ecosystem.

Data from DeFiLlama indicates strong performance for Unichain, with a weekly trading volume of $1.99 billion, a 14% increase compared to major chains like Ethereum, Solana, and Base. In the last 24 hours, Unichain accounted for a significant portion of the daily volume on Uniswap V4, exceeding $354 million. The Uniswap platform has also shown considerable growth in user accounts and total transactions, with the total value locked (TVL) currently around $4.27 billion.