Category: Cryptocurrency News

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. 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. Related Reading: Toncoin (TON) Continues Downward Trend As Bears Maintain Control 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. Related Reading: JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why 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. Feature Image From Canva, Chart From TradingView

The highly accessible introductory text mentions all the concepts and names a curious reader would need, along with some assessments.

The Current State of DeFi Current Multichain Experience Have you ever tried to teach DeFi to a friend and realize how hard it was?How do you explain that there are tens of chains and L2s (and L3s are coming!)? ​ Let's be honest: Web3 UX currently sucks You constantly have to switch and bridge your…
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Blockchains are networks that emerge from nodes operating software. Nodes in large numbers provide the security blockchains depend on, but their software also has implications for the success of the network. Today’s write-up explains the types of nodes and why the software they operate matters. Enjoy. ​ What are Blockchain Nodes? Blockchains are networks made…
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The recovery in the U.S. stock market seems to have acted as a catalyst for the relief rally in Bitcoin and select altcoins.

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Toncoin (TON) has experienced a negative price decline, resulting in a bearish sentiment among investors of the altcoin. TON has been exhibiting a bearish strength on a monthly timeframe, based on data from CoinMarketCap.  Within the last 30-Day trading session, the asset is down by 15,67%, indicating a high bearish strength with low buying pressure. Related Reading: Bitcoin Bearish Signal: NUPL Finds Rejection At Long-Term Resistance As of the time of writing, the asset is experiencing a decline in value, as it’s down today by 2.76%. This downward trend has resulted in the asset, TON, reaching a low point of $1.91.  The decrease in value reflects a temporary setback in the market, indicating a decrease in investor confidence. It also detects a shift in the supply and demand dynamics surrounding the asset. Toncoin (TON) Bears Maintained Their Positions Toncoin (TON) witnessed a sharp price decline on May 23, from $2.03 to its present value of $1.89. This price decline represents a loss of 6.89%. This decline reflects the dominance of bearish sentiment in the market, which shows a lack of investor confidence and a shift in the supply and demand dynamics. According to the market sentiment indicator, the current market sentiment is bearish, while the Fear & Greed index value is a neutral 49. Notably, a Fear & Greed index value below 50 points to an increase in bearish momentum. Conversely, an important resistance level is noted at $2.080, representing a significant hurdle for potential upward movement.  Toncoin trades below the 50-day and 200-day Simple Moving Average (SMA). The SMAs formed a Death Cross in the TON market on May 21, 2023.  This confirms the bearish sentiment present in the market, indicating a potential sell signal and further price decline. The Relative Strength Index (RSI) momentum oscillator value is 40.98 and points downwards. RSI is a popular indicator showing whether a cryptocurrency is oversold or overbought.  Related Reading: Bitcoin Hangs At $26,200: Why This Is A Crucial Support Level If TON RSI drops below 30, it may ignite high selling pressure and further price decline. TON Demand Index and Bollinger Bands Signals Bearish Activities The TON/USDT trading pair demand index is at -0.449, suggesting relatively weak demand for the asset in the market. Note that a demand index below zero is generally considered a lack of buying pressure. It also indicates that the selling pressure outweighs the buying interest. In addition, the asset is heading toward the lower part of the Bollinger Bands indicator. This suggests an increase in selling pressure and high bearish momentum. Featured image from Pixabay and chart from Tradingview.com