Ethereum is not the only reason why Uniswap [UNI] pumped 18% in 24 hours

Uniswap [UNI] broke out, rose by 18.98%, and hit $9.30 in an unexpected move within the last 24 hours. For many participants, the surge

For many participants, the surge could be linked to the news that the odds for the U.S. SEC to approveOn the 20th of May, Uniswap Labs disclosed that it was introducing a new token standard called the ERC-7683. For context, ERC stands for Ethereum Request for Comment.“By implementing a standard, cross-chain intents systems can interoperate and share infrastructure such as order dissemination services and filler networks.

Moments after the announcement, UNI’s Open Interest increased. At press time, the OI was $64.90 million. This was a value that the metric has not reached for over a month.indicates that more money is coming into the market. On the other hand, a decreasing OI is a sign of decreasing net positions with liquidity moving out.When put side by side with the price, the OI was a sign that buyers in the market were aggressive. If the value continues to rise, UNI’s price might do the same.

One of them was the 24-hour active addresses. Whenever active addresses increase, it means that a large number of users are interacting with the blockchain. If the metric falls, it means that the number of unique addresses visiting the network is decreasing. For UNI, on-chain data from Santiment showed that active addresses rose to a weekly high of 1926holders. Most times, this leads to increased buying activity and was surely one of the reasons UNI’s price moved northward.In addition, AMBCrypto got confirmation of the increased interest from the volume. At press time, UNI’s volume was $346.65 million.

Should this figure increase while the token’s price rises, then UNI could hit a higher value. Considering the momentum, the price of the cryptocurrency might hit between $12 and $15 within a short period.Victor Olanrewaju is a full-time journalist at AMBCrypto. Settled in Lagos, his fascination with blockchain technology and the cryptocurrency market arose out of his love of freedom and everything free.

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