UMA Price Soars with Strong Trading Volume
The price of UMA, the native cryptocurrency of the Universal Access Protocol, has been experiencing a significant rally, surging to $4.5. Within just two days, UMA has seen a massive 128% increase in price, accompanied by skyrocketing trading volumes.
Profit Opportunities with UMA Funding
An interesting development in the UMA market is the opportunity for profitable funding. Bybit is currently offering -2.00% funding on UMA, allowing long positions to earn a remarkable 6% daily or over 2,000% annually. Traders have reported substantial gains, with some making overnight profits of over $5,000 solely from funding fees.
While this situation presents an attractive opportunity, it’s important to exercise caution and practice effective risk management.
Noteworthy Transactions
In a notable transaction, an address that had been dormant for a year suddenly deposited 187,000 UMA tokens worth $1 million to Coinbase. This address had previously transferred 370,000 UMA from the exchange at a lower price, resulting in a significant profit. The recent activity involves splitting the tokens between Coinbase and a new address.
Additionally, UMA has gained attention as an optimistic oracle project with a 40% increase in the last 24 hours.
UMA’s Position in DeFi and Upcoming Oval Launch
UMA is currently ranked as the 9th largest Oracle network globally and has experienced robust network growth. Both UMA and oSnaps have reached an all-time high Total Value Secured (TVS) of over $774 million.
The highly anticipated Oval launch of the Universal Market Access protocol is approaching next week, contributing to the increased value of UMA. Developers have expressed confidence in Oval’s ability to address risks in the DeFi sector, specifically focusing on maximal extractable value (MEV) challenges.
Hot Take: UMA’s Rise Continues
The recent surge in UMA’s price and trading volume indicates a growing interest in the cryptocurrency. With profitable funding opportunities and the upcoming Oval launch, UMA is capturing the attention of crypto enthusiasts. However, it’s essential to approach these developments with caution and employ effective risk management strategies.
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