UNI Price Pumps as New Uniswap Addresses Reached 4-Month High

Godfrey Benjamin   Feb 03, 2021 07:15 2 Min Read

The number of new Uniswap (UNI) addresses has soared to a new 4-month high according to Glassnode data coinciding with UNI token's 40% price gain over the last 7 days.

Per the data, Uniswap now has 195.917 new addresses, beating the levels recorded back in October which is also below the 200 mark. Per the Glassnode chart depicting the latest token’s milestone, the highest number of Uniswap addresses was recorded back in October with the all-time high figure coming in above 1,600.

Each of these milestones was achieved at different UNI price levels. At the all-time high recorded back in October, UNI tokens were worth just about $5 while the latest 4-month high culminates with the price levels at $19 per token. The massive growth of the coin is fueled by the diversity of the Uniswap marketplace amid the hype around decentralized finance innovations in the crypto space today.

Are The New Addresses Behind UNI’s Latest Pump

Just as with other decentralized finance tokens, Uniswap’s UNI has seen a meteoric rise in valuation in the past weeks, a move that is presumably being fueled by the rising number of new addresses. The token is up 0.1% in the past 24 hours according to CoinGecko, complementing the weekly gain of 39.4% and a monthly surge of 255.3%.

Uniswap is now trading at $19.22 at the time of writing but the on-chain data that suggests the influx of new investors stocking up the UNI tokens. There has been a lot of volatility in the crypto and DeFi ecosystem this year with the latter seeing about $30 billion locked in asset terms. While the UNI tokens will attempt to form big support around its $20 all-time high price, it will continue to rely on either its old investors to add to their holdings or new ones to take up a position with the DeFi token.

Amid these recent upticks, the total value of assets locked on Uniswap not tops $3.34 billion according to DeFi Pulse, up from about $3 billion recorded in mid-November.

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