Despite Its Subpar On-chain Metrics, Uniswap Social Dominance Rose by 443.6%

Key Ideas:

• The social dominance of Uniswap increased to 4.28% over the past week, up +443.6%.
• Market signals and analytical findings suggested that the price of UNI would decrease.

Over the past few days, the price movement of the entire crypto market has not been consistent with investor interest. However, Uniswap continued to be a hot subject in the cryptocurrency world this week as its social dominance increased.

UNI continued to be a hot topic in the cryptocurrency world this week, according to LunarCrush, despite the fact that the majority of cryptocurrencies did not experience a growth. Its social influence also grew.

Uniswap was trading at $5.18 and had a market value of more than $3.95 billion as of the previous week, according to data from Coin Aquarium. UNI continued to be well-liked, but market signals cautioned investors that things might get worse in the coming days.

The RSI for UNI decreased and was well below the neutral level, indicating a bearish indicator. Additionally, UNI's On Balance Volume (OBV) moved in the same direction, suggesting that price decreases are likely to occur in the future.

Additionally, the Exponential Moving Average (EMA) Ribbon showed signs of weakness. Bollinger Band data, which indicated that the price of UNI was about to enter a region of significant volatility, supported this.

In addition, a few on-chain data did not support a price increase. Investors may have reason to be concerned about this. For example, UNI's development activity decreased, which is often a bad sign.

The recent week has seen a decrease in both Uniswap's network expansion and Binance's funding rate. This suggested that UNI's price could decrease significantly more. However, the Market Value to Realized Value (MVRV) Ratio rose, giving investors reason for optimism.

UNI is still used by whales despite its subpar performance; on December 23, it was one of the top 500 Ethereum whales' most frequently used smart contracts.