Uniswap (UNI) has experienced a notable price increase of over 9.8% in the past 24 hours, breaking above $11 and defying broader market conditions.

This surge has elevated UNI’s market cap to $8.74 billion, positioning it as the 17th largest cryptocurrency by market cap. According to recent data, the current UNI price represents a 17.1% increase over the last seven days and a 63.6% jump over the past 30 days.

Uniswap Price Performance

While Bitcoin (BTC) saw marginal gains of about 0.7% in the last 24 hours and Ethereum (ETH) gained 4.5%, UNI’s 9.8% uptick was the highest among major cryptocurrencies during this period.

Despite this, UNI’s 24-hour trading volume of $489.2 million placed it sixteenth among the most traded cryptocurrencies in the last day, positioned just above Dogwifhat (WIF) and below Toncoin (TON), which saw a 2.6% rise.

Significant Accumulation Impact

The recent price hike for UNI follows significant accumulation by a wallet linked to the Amber Group, which purchased approximately $20 million worth of Ethereum and Uniswap. Reports indicate that the wallet withdrew 987,053 UNI, valued at $10.6 million, and 2,638 ETH, worth an estimated $9.2 million, from Binance within a three-hour window.

A wallet related to Amber Group withdrew 987,053 $UNI ($10.6M) and 2,638 $ETH ($9.2M) from Binance in the past 3 hours.

Some market analysts suggest that such substantial acquisitions by major players could signal strong confidence in UNI’s future prospects. However, they caution that while large buys can trigger short-term price increases, sustaining this momentum may be challenging amidst market volatility.

Recent Developments and Future Prospects

This latest surge marks the second consecutive day of rising UNI prices. The initial uptick began on June 14 following a cryptic message from the decentralized exchange on social media.

Locked in. Ready for the Endgame.

The message hinted that Uniswap v2 is preparing to support a new layer-2 blockchain after integrating Optimism, Arbitrum, Polygon, Blast, and Base.

In addition to these market movements, Uniswap Labs has been making headlines in the crypto community with its acquisition of Crypto: The Game (CTG), a popular online survival game. Many believe the game could further boost Uniswap’s profile and attract more investors to the platform.

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