According to the token terminal, Uniswap has seen a surge in daily active users, with the numbers reaching a high of nearly 85,000. It is the highest recorded number since May 2021, and it is suspected that the recent popularity of Memecoins may be a contributing factor.
However, this surge in activity has resulted in a significant increase in the ETH GAS fee. The fee has broken through the 100 gwei mark several times and is currently at 40 gwei. This increase is mainly due to the high usage coming from Uniswap.
The rise in GAS fees is causing concern among traders and investors alike, as it increases the cost of transactions on the Ethereum network. However, it is also a sign of the growing popularity and usage of decentralized exchanges like Uniswap.
Uniswap has gained popularity among investors wishing to trade cryptocurrencies, including Memecoins. Its decentralized character, and easy-to-use interface make it a desirable substitute for conventional centralized exchanges.
However, the recent surge in demand has led to concerns about the scalability of decentralized exchanges and the strain it puts on the Ethereum network.
Despite the challenges posed by the recent surge in demand, Uniswap’s daily active users continue to climb, indicating that the popularity of Memecoins shows no signs of slowing down.
It remains to be seen how this surge in activity and fee rise will affect the market in the long term. Nonetheless, the demand for decentralized finance solutions is only going to increase as more users enter the space.
Uniswap (UNI) Price
Uniswap’s price analysis chart for the day indicates a continued decline following yesterday’s bearish trend takeover. Currently, the price has fallen to $5.74, with a loss of 2.80% in the past 24 hours and 9.52% over the week, according to CoinMarketcap.
Further analysis shows slow momentum, with the price below MA at $6.12. Volatility decreasing, Bollinger bands show more bearishness, upper band at $6.40 and lower band at $5.72. The RSI indicator at 41.31 indicates potential sideways movement with buyers trying to regain control from bears.
It is anticipated that the price of Uniswap will reach $8.09 by the conclusion of 2023, reflecting a year-to-year increase of 57%. The projected rise from the current date to the end of the year is estimated to be 41%. Additionally, in the middle of 2023, the value of 1 Uniswap is expected to be $6.42.
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