Uniswap [UNI] has seen a boost in activity due to the Arbitrum [ARB] AirDrop which saw 92% of ARB holders likely to utilize the Uniswap protocol to swap the token. Data from Santiment shows an upswing in UNI's active addresses while the price has declined, which is deemed a positive divergence that points to a potential surge in price. Despite this, UNI's long/short ratio has been dropping, and the MVRV ratio has been rising, implying a rising number of investors may settle into potential profit-taking, increasing selling pressure. Additionally, according to Token Terminal, Uniswap's fee have dropped by 29% in the previous few months, potentially a result of an increase in bot activity on the platform, much of it from 'front-running bots' that can negatively impact user’s ability to make profitable trades. All-in-all, there may be promise for the UNI token, yet Uniswap's protocol will need to be improved in order to capitalize on its current success.



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