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Uniswap Market Cap Jumps 21% Amid Dormant UNI Awakening
In a surprising turn of events, the market capitalization of Uniswap (UNI) has jumped a staggering 21% in a matter of weeks. This sudden surge is being attributed to the reactivation of dormant UNI tokens, which has sent bullish sentiments soaring.
According to recent data from Santiment, the network witnessed its highest-ever “age consumed” spike, with the metric reaching an all-time high of 72.95 billion. This unprecedented movement of old tokens could be a sign that investors are preparing for a prolonged bull run or simply taking advantage of short-term gains.
As reported by Santiment, the average holding age of UNI wallets has dropped by a significant 7.2%, suggesting that long-held tokens have been reactivated and put back into circulation. This type of activity is often seen as a precursor to increased trading activity and strategic repositioning by long-term holders.
Following this news, market analysts are now left wondering if this sudden awakening of dormant UNI tokens signals sustained bullish conviction or an impending wave of profit-taking. The current market outlook remains uncertain, but one thing is certain – the recent surge in UNI’s market capitalization has sparked excitement and speculation among traders and investors alike.
It’s worth noting that Uniswap’s Layer-2 strategy, particularly its Optimism-based scaling solution, Unichain, has garnered significant attention lately. The project boasts a substantial $45 million liquidity incentive program, which may have played a significant role in the recent surge of reactivated tokens.
Source: cryptopotato.com
