The Impact of SEC Lawsuit and Resurgence of Korean Exchanges on Uniswap Price
The SEC’s lawsuit against Binance and Coinbase caused a ripple effect in the crypto markets, leading to increased attention on Uniswap. However, after Ripple’s victory in a similar lawsuit, user acquisition on Uniswap has declined, possibly due to the resurgence of Korean exchanges like UpBit.
On-chain data shows that Uniswap’s user acquisition rate has dropped to a two-month low, indicating a decline in demand for the UNI token. This decline in user acquisition began shortly after Ripple’s victory over the SEC.
Despite these bearish headwinds, a cohort of strategic whales has been buying the dip and increasing their holdings of UNI tokens. This suggests that they remain confident in the medium to long-term prospects of Uniswap.
The UNI price is predicted to consolidate near the $5 territory in the coming days, as the whales’ buying pressure absorbs the bearish headwinds. However, there is also a possibility of a rebound above $7 if the whales’ buying pressure continues.
Overall, the future of Uniswap’s price depends on various factors such as user acquisition, market trends, and the actions of strategic whales.
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