Uniswap

<ul><li>UNI&#39;s sharp 20% drop aligns with reduced active addresses and volume, indicating a bearish trend despite high swap volumes.</li><li>Rising UNI supply on exchanges, now at 6.92%, escalates selling pressure and impacts asset prices.</li><li>Despite $1.7B swaps, UNI struggles in price, showing the DeFi market&#39;s complexity and the need for multifactorial analysis.</li></ul>Although <a href="https://cryptotale.org/uniswap-dips-to-test-support-levels-begins-macro-uptrend-phase/" rel="noopener noreferrer nofollow">Uniswap</a> (UNI) successfully<a href="https://x.com/Uniswap/status/1742583165456142623?s&#61;20" rel="noopener noreferrer nofollow"> processed</a> a remarkable $1.7 billion in swaps on January 3, the start of the year has been tough for the DeFi token. Its value dropped sharply, falling around 20% within a week.Unlike other altcoins in the ecosystem, the expected approval of a<a href="https://cryptotale.org/impending-spot-bitcoin-etf-approval-a-game-changer-or-potential-pitfall/" rel="noopener noreferrer nofollow"> Spot Bitcoin ETF</a> has not sparked a rebound in the DeFi asset. This drop aligns with reduced active addresses and trading volumes, while on-chain metrics suggest a downward trend for the tokenA significant element driving this downturn is the escalating presence of UNI on cryptocurrency exchanges. Recent data reveals that Uniswap&#39;s supply on these platforms has<a href="https://app.santiment.net/charts?settings&#61;%7B%22slug%22%3A%22uniswap%22%2C%22ticker%22%3A%22UNI%22%2C%22from%22%3A%222023-07-09T20%3A59%3A59.055Z%22%2C%22to%22%3A%222024-01-09T20%3A59%3A59.055Z%22%7D&amp;widgets&#61;%5B%7B%22widget%22%3A%22ChartWidget%22%2C%22wm%22%3A%5B%22price_usd%22%5D%2C%22whm%22%3A%5B%5D%2C%22wax%22%3A%5B0%5D%2C%22wpax%22%3A%5B%5D%2" rel="noopener noreferrer nofollow"> risen </a>to 6.92% of its total, approaching a peak not seen in the past six months.Consequently, this increased presence on exchanges could heighten selling pressure. Historically, a rise in selling pressure often leads to reduced asset prices. This trend could elucidate the 20% drop in UNI&#39;s price over the past week.Read full article <a href="https://cryptotale.org/uniswap-in-2024-despite-1-7b-in-swaps-price-plummets-amidst-market-pressure/" rel="noopener noreferrer nofollow">at CryptoTale.</a>

Uniswap in 2024: Despite $1.7B in Swaps, Price Plummets Amidst Market Pressure

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