Uniswap (UNI) has experienced a significant surge, with its price rising by more than 9.8% in the last 24 hours, surpassing $11 despite prevailing market conditions. This increase has propelled UNI’s market capitalization to $8.74 billion, positioning it as the 17th largest cryptocurrency by market cap.
According to CoinGecko data, UNI’s current price reflects a 17.1% rise over the past week and a notable 63.6% increase over the last 30 days.
In contrast, Bitcoin (BTC) saw only marginal gains of approximately 0.7% over the same period, while Ethereum (ETH) experienced a 4.5% increase. UNI’s surge of 9.8% stands out as the highest among major cryptocurrencies during this timeframe.
Despite its impressive price performance, UNI recorded a 24-hour trading volume of $489.2 million, ranking 16th among the most traded cryptocurrencies, just above Dogwifhat (WIF) and below Toncoin (TON), which saw a 2.6% price rise.
The recent price surge follows substantial accumulation by a wallet associated with the Amber Group, which acquired approximately $20 million worth of Ethereum and Uniswap tokens. Notably, the wallet withdrew 987,053 UNI valued at $10.6 million and 2,638 ETH valued at $9.2 million from Binance within a three-hour window. Analysts suggest such large-scale acquisitions indicate strong confidence in UNI’s future prospects, though they caution that sustaining momentum amidst market volatility may prove challenging.
This recent uptick marks the second consecutive day of UNI price increases, triggered initially on June 14 after Uniswap hinted at supporting a new layer-2 blockchain following its integration of Optimism, Arbitrum, Polygon, Blast, and Base. Additionally, Uniswap Labs made headlines by acquiring Crypto: The Game (CTG), a popular online survival game, which is expected to enhance Uniswap’s visibility and attract more investors to its platform.