Cryptocurrency analytics platform Santiment reported a significant increase in activity on the Uniswap network, which coincides with the rise in UNI market capitalization.
Growth of UNI Market Capitalization
Since June 22, UNI's market cap has surged by 21%. This indicates growing interest in the token alongside active trading on the platform.
Wallet Awakening and Its Impact
Santiment noted that the largest peak of dormant wallet activity in Uniswap history reached 72.95 billion 'age consumed'. This value is calculated by multiplying the amount of tokens moved by the time the tokens were sitting in the wallet. The return of large volumes of UNI from long-term storage to circulation might indicate increasing activity on the platform.
Current UNI Value and Prospects
At the time of writing, the total market value of the UNI token stands at $4.84 billion. Given the recent changes in wallet activity, a rise in overall platform activity can be anticipated, potentially positively impacting market value.
The increase in activity on the Uniswap network and the awakening of dormant wallets may create new opportunities for traders and investors, boosting overall interest in the UNI token.
