Why This Signal Means Uniswap’s Bear Run Is Almost Over

The price of Uniswap, the largest decentralized exchange by trading volume, is down roughly 35% from Q1 2023 peaks. Even so, on-chain data from Etherscan shows that there has been a steady increase in the number of UNI holders in the past two days.

As of May 13, there were 369,646 UNI holders. Since then, the number has increased to over 370,100 as of May 26. During this time, UNI prices have remained stable but relatively high.

Uniswap Price On May 6| Source: UNIUSDT On Binance, TradingView

Based on the UNIUSDT chart, the prices have found support around $4.9. However, prices have increased by approximately 10% over the past two weeks, rising to $5.4. Although the number of UNI holders may not directly affect the prices, there is a clear correlation between the demand for UNI and the increase in token prices.

Several factors could have provided tailwinds for UNI, the governance token of Uniswap. 

Apple Jail Break

On May 23, Uniswap’s mobile wallet was released from what Uniswap Labs, the team maintaining Uniswap, said was “Apple jail.” 

With this jailbreak, users can download the Uniswap Wallet, that’s non-custodial like MetaMask. 

Through this wallet, users can buy and sell various supported cryptocurrencies. 

This announcement is bullish because as more users opt for Uniswap Wallet, the demand for the decentralized exchange could rise, increasing its dominance and stature. 

While MetaMask remains the most dominant Ethereum and Ethereum Virtual Machine (EVM) wallet enabling the storing and trading of various tokens, even using processors like PayPal, the popularity of Uniswap could see Uniswap Wallet gnaw market share. 

Presently, Uniswap Labs said their wallet could support the trading of tokens across Ethereum, Polygon, Optimism, and Arbitrum.

Uniswap To Launch On Base?

Earlier on, the Uniswap contributors proposed the deployment of the DEX v3 on Coinbase’s Base. 

Among supporters of this proposal is GFX Labs, one of the largest UNI holders and supporters of Uniswap’s expansion to other chains. Recently, GFX Labs voted for the launch of the DEX on BNB Smart Chain (BSC) and MoonBeam. 

Even so, before voting starts, the proposal will undergo a “temperature check-up” to gauge community support. If there is majority support, it will proceed to the next step.

Uniswap v3 is the latest iteration of the DEX, introducing the concept of concentrated liquidity for higher capital efficiency and more return on investment (ROI) for liquidity providers. 

Base is a layer-2, open-source, and EVM-compatible platform by Coinbase, one of the largest cryptocurrency exchanges.

It is unclear whether the above-spurred demand for UNI, pushed the number of holders higher in the last week.  However, this could suggest that the project is generating interest, which may support future token prices.

Decentraland (MANA) Leads Crypto Market Gains, Here’s Why

Decentraland (MANA) is currently ahead of the rest of the crypto market after seeing almost double-digit gains in the last day. This incredible recovery comes at a time when the broader crypto market is following in the steps of Bitcoin and shedding most of its first quarter’s gains. So what could be driving the price increase of MANA?

Rumors Of Apple Metaverse Circulate

The rumors about Apple’s very own metaverse first started circulating on Monday when a Twitter user made a post about it. In the tweet, Idi Wertheimer pointed to the fact that tech giant Apple was allegedly launching its own mixed-reality headset. As a result, Wertheimer believes that metaverse coins are going to start pumping based on this news.

Rumors about Apple working on its own metaverse didn’t just start now as it has since been speculated that the company would build one to compete with Meta’s (formerly Facebook) Oculus series. However, Apple has never confirmed nor denied if it was working on its own metaverse.

Research on our end turned up an article from a website called Tom’s Guide which points toward the tech giant’s plans to enter the virtual and augmented reality space. But instead of the anticipated Apple Glasses, the article refers to an entirely new device which is rumored to be called ‘Reality Pro’.

While Apple fans have waited long for a launch of VR/AR devices, venturing into the sector hasn’t been backed internally from all indications. Previously, executives reportedly vetoed the design team which believed that the device is not yet ready for launch. But it remains to be seen if the company will follow through and launch the device

Decentraland (MANA) price chart from TradingView.com

Decentraland (MANA) Picks Up Steam

With the rumors of Apple launching its own metaverse picking, the price of MANA, one of the largest metaverse projects in the crypto space, has been seeing positive reversals. Despite the low momentum in the market, MANA has been able to rise over 9% in the past day. This recovery has brought the MANA price back above $0.5 and its trading volume surged to $161.4 million during this time as well.

Decentraland (MANA)

MANA is not the only token to have benefited from the Apple rumors. Another metaverse token The Sandbox (SAND) has been on the rise as well. SAND is up 3.98% in the last 24 hours, enabling it to beat the resistance at the $5.2 level.

It is rumored that Apple’s device will drop at the WWDC 2023 event held later this year. If this happened, then the price of metaverse coins could explode leading up to the event, as well as after it.