Uniswap NFT volume declines by a great margin, but here’s the catch

Uniswap NFT volume declines by a great margin, but here’s the catch

At the beginning of 2021, the stockbroker observed the rapid development of Bitcoin and finally decided to participate. During the period, Belfort expected the BTC price to surge to $100,000 before the end of 2021. His rationale was based on the maximum token supply of 21 million coins. Though the expectation was never met, his hopes are still high, as evidenced by how he speaks highly of the coin. He contends that investors shouldn’t anticipate immediate gains from Bitcoin.

It is preferable to invest with a long-term perspective to make the most of the coin.

Short-lived hype

The image below shows that the volume of NFTs on Uniswap has been decreasing over the past few days. The daily volume of NFTs traded on Uniswap has increased from $246,000 to $32,000 since its launch. The number of daily transactions for the same dropped from 445 to 35 at the time of writing.

This drop in NFT activity has hurt DEX. According to Messari data, the number of unique users on Uniswap fell by 9.7%, and the number of total transactions on DEXs fell by 28.87%. in the last seven days. Also, you can see in the image below that after the surge caused by the launch of NFT; the daily active UNI addresses have decreased.

The number of transactions and the speed of UNI were also affected.

Uniswap NFT volume declines by a great margin
Uniswap NFT volume declines by a great margin

Interestingly, these indicators did not stop whales from investing in UNI. According to WhaleStats, an organization dedicated to tracking crypto whales, Uniswap was among the top 10 most purchased tokens of the top 1000 Ethereum whales. This increase in interest is due to the increase in active developers on the Uniswap system. Ongoing action in the NFT space may lead to a rebound in interest and be reflected in UNI’s positive price action.

Uniswap NFT volume declines by a great margin

However, UNI is trading at $5.96 at the time of writing, and its price is up 0.91% in the last 24 hours, according to CoinMarketCap.

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