Uniswap (UNI) has experienced a significant surge in price, increasing by over 9.8% in the past 24 hours to surpass $11. This surge has defied the broader market conditions and propelled UNI’s market cap to $8.74 billion, ranking it as the 17th largest cryptocurrency by market capitalization.
Data from CoinGecko reveals that UNI’s current price reflects a 17.1% increase over the past week and a substantial 63.6% jump over the last 30 days. In comparison, Bitcoin (BTC) only saw marginal gains of about 0.7% in the same period, while Ethereum (ETH) experienced a 4.5% increase. UNI’s 9.8% uptick stands out as the highest gain among all coins in the last 24 hours.
Despite the impressive price surge, UNI’s 24-hour trading volume of $489.2 million positions it as the sixteenth most traded cryptocurrency, surpassing Dogwifhat (WIF) and trailing behind Toncoin (TON), which saw a 2.6% price increase.
The recent price rally for UNI can be attributed to substantial accumulation by a wallet associated with the Amber Group, which acquired approximately $20 million worth of Ethereum and Uniswap. This wallet withdrew 987,053 UNI (valued at $10.6 million) and 2,638 ETH (estimated at $9.2 million) from Binance within a three-hour timeframe. Market analysts speculate that such significant acquisitions by major players indicate a strong belief in UNI’s future potential, although sustaining this momentum amidst market volatility might pose challenges.
This recent surge marks the second consecutive day of UNI price increase, which began on June 14 following a mysterious message from the decentralized exchange on social media. The message hinted at Uniswap v2’s plans to support a new layer-2 blockchain after integrating Optimism, Arbitrum, Polygon, Blast, and Base.
In addition to these developments, Uniswap Labs has made waves in the crypto community with its acquisition of Crypto: The Game (CTG), an online survival game. Many believe that this game could enhance Uniswap’s reputation and attract more investors to the platform, further boosting its growth potential in the future.