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Home»ALTCOIN NEWS»Uniswap reclaims top DEX spot after brief Jupiter decline.
ALTCOIN NEWS

Uniswap reclaims top DEX spot after brief Jupiter decline.

By Crypto FlexsFebruary 3, 20243 Mins Read
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Uniswap reclaims top DEX spot after brief Jupiter decline.
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  • Uniswap’s trading volume briefly surpassed Jupiter’s.
  • Lower demand for UNI has led to double-digit price declines over the past month.

Uniswap (UNI), the leading Ethereum-based decentralized exchange (DEX), briefly regained the position as the highest-volume DEX on February 3 after being replaced by Solana-based DEX Jupiter (JUP).

As previously reported, Jupiter’s trading volume on January 29 exceeded $500 million, accounting for an 18% market share of the total DEX trading volume recorded that day. Uniswap lagged behind with $443 million in trading volume.

This surge is in anticipation of Jupiter’s JUP token airdrop event held on January 31st.

According to data from CoinGeckoIn the early trading hours of February 3, Uniswap’s volume briefly bounced past Jupiter.

However, this was later corrected as Jupiter topped the rankings of the DEX with the highest trading volume in the last 24 hours.

As of this writing, Jupiter’s trading volume totaled $538 million. Uniswap ranked second with $531 million in trading volume during the same period.

UNI demand plummets

At press time, UNI was trading at $6.18, with the price down 16% in the past month. CoinMarketCap.

Assessing the token’s network activity with a 30-day moving average, we found that demand for the altcoin has steadily declined over the past month. According to Santiment, the number of daily addresses involved in UNI transactions has decreased by 23% over the past 30 days.

Similarly, new demand for UNI has also plummeted. According to information from the same data provider, the token has seen a 27% decline in the number of daily new addresses created for UNI transactions over the past month.

Source: Santiment

AMBCrypto’s daily chart trend indicator evaluation confirmed the bearish sentiment in the UNI market. For example, the token’s Moving Average Convergence Divergence (MACD) line crossed below the trendline on January 21, kicking off a bearish cycle.


Realistic or not, UNI’s market cap in BTC terms is:


Additionally, as of this writing, the MACD line is sitting below the zero line, showing that selling pressure has far outstripped any accumulation efforts.

Key momentum indicators were found below each center line, confirming declining demand for UNI. The token’s relative strength index (RSI) was 48.71 and its funds flow index (MFI) was 41.19.

Source: TradingView

With a negative weighting sentiment of -0.81%, UNI’s value could experience further declines if broader market sentiment does not improve in the near term, according to data from Santiment.

Next: Bitcoin: Why HODLing is the best option right now

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