Uniswap's price surged over 20% in the last 24 hours, reaching $10.99, its highest point since early April. The bullish trend suggests that increased buying pressure might drive UNI towards the March high of $15.40.UNI, the native token of the leading decentralized exchange (DEX) platform Uniswap, is potentially one of the top assets to benefit from the anticipated approval of a spot Ethereum ETF.
On Friday, despite market consolidation and Ethereum (ETH) trading above $3,700, UNI defied the trend. While many altcoins were trying to recover from key support levels, UNI's price shot up by over 20%, hitting a multi-week high of $10.95.This price increase is partly attributed to significant whale activity. On-chain data from Lookonchain on X revealed that a whale withdrew $1.96 million worth of UNI from Binance as the price climbed.
Additionally, Uniswap's momentum has been bolstered by the introduction of ERC-7683, a new token standard developed in collaboration with Across Protocol. This standard aims to enhance cross-chain trading through a unified framework for cross-chain intents systems.
UNI rises on Uniswap's reaction to the SEC
Breaking through the crucial $10 barrier coincided with a growing sense of optimism regarding Uniswap's regulatory prospects.
In response to a recent Wells Notice, Uniswap Labs reaffirmed earlier this week that it was prepared to defend against the SEC's prospective litigation.
Uniswap claims that the SEC's claims that the DEX platform functions as an unlicensed broker-dealer and securities exchange are "wrong." Uniswap responded to the regulator, calling the SEC's arguments on UNI "weak" and stating that the charge that it is a security is false.
With Uniswap's recent increase, the company has emerged from a phase of consolidation where prices were capped below the $8 mark.
Bulls in UNI are favored by increased whale activity and the current estimates for the ETH environment.
May 2024, Cryptoniteuae