Monat: Mai 2022

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Highlights May 26: Major cryptos down, SAND and CELO rally

The crypto market as a whole is bearish with most top 100 coins in the red at the time of writing. 

Top cryptos

Bitcoin was flat in the last 24 hours, trading just below $30,000 at the time of writing. Ethereum has lost around 3% of its value so far today. Binance Coin, XRP, and Cardano sustained similar losses. 

Solana is the biggest loser in the top 10, down 6%. Cryptos outside the top 10 showed a similar tendency. They all recorded losses today except UNUS SED LEO, which added less than 1% to its value. 

Avalanche shed more than 10%, making it the biggest top 20 loser. 

The biggest winner for the week is Tron’s TRX, which added around 12% to its value in the last 7 days.   

Top movers

Outside the top 20, most coins lost 3-7% of their value. Notable standouts include Zcash and Fantom, each down 11%, and Kusama with -13%. STEPN, Waves, Kava and Compound each shed 9%. 

On the winning side, there is BORA with 4%, Celo with 8% and the Sandbox’s SAND with 10%, making SAND the biggest gainer today. 

It’s rallying on news of a partnership with PCCW and HKT, becoming the first Hong Kong-based integrated communications, media and technology company to open a new digital frontier and join the metaverse.  

A Twitter Space seminar featuring Celo’s cofounder and president Rene Reinsberg called “Inspiring climate action through Web 3” is taking place today at 12 PT. 

TerraUSD is trading for $0.09, up 30.15% at the time of writing.  

Trending

The biggest winner today is Pixel Swap, a platform intended to solve liquidity sniping, front running and liquidity locking for NFT trading on different blockchains.

Pixel Swap aims to bring together all networks and NFTs under one roof to ensure the safety and success of trades across all blockchains. Its token PIXEL gained 303% today. 

The post Highlights May 26: Major cryptos down, SAND and CELO rally appeared first on CoinJournal.

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Uniswap (UNI) hits $1 trillion in trade volume despite the 2022 price slump

Uniswap (UNI), one of the biggest decentralized exchanges in the world, has been hitting new milestones over the past few weeks. This success comes even as UNI, its native token, continues to slump in 2022. Here are some of these latest developments:

  • Uniswap has now crossed $1 trillion in total trade volume

  • The DEX has also seen 3.9 million cumulative users in May alone

  • Despite this, its native token UNI remains suppressed below $6

Data Source: TradingView 

Why UNI is not rallying

Normally, with the kind of milestones that Uniswap has reported, you would expect the coin to surge sharply. However, it doesn’t seem like most investors are interested in underlying fundamentals right now. Yes, Uniswap will likely top the list of some of the best long-term investment assets in crypto. 

But because of slowed sentiment and worries over a possible meltdown of the crypto market, investors are waiting on the sidelines. Interestingly, the 24-hour trade volume for the UNI token has dropped 18%, even with reports of these major milestones. Investors are simply not making big moves right now. 

Besides, UNI has also been quite bearish for the last 5 months. In fact, just a few months ago, UNI was testing $30. Right now, the coin has lost over 85% of its value. It’s unlikely UNI will rally anytime soon. Looking at the technical indicators, the coin still has some downside and could hit $3 in the near term.

Where will UNI go in the future?

Well, there is no doubt the current conditions in the crypto market will get better. This may take a few months, but the market will start to attract positive investor sentiment. As such, undervalued coins like UNI will get to rise again. 

For the remainder of 2022, UNI could realistically hit $20, and that’s the bare minimum. This will give investors a 4x multiple from the current price.

The post Uniswap (UNI) hits $1 trillion in trade volume despite the 2022 price slump appeared first on CoinJournal.