Altcoin traders are witnessing a resurgence in the cryptocurrency market, particularly with Uniswap’s native token, UNI. According to Moby Media’s tweet, UNI has surged over 43% since May 20th and is now ranked 19th with a market cap of nearly $6.5 billion. This significant price movement has ignited a buying frenzy among investors.
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Ethereum Tokens in the Spotlight
The surge in UNI’s price can be attributed to the growing attention on Ethereum tokens, especially after the recent approval of the Ethereum spot ETH. Many investors are now seeking out potential massive gainers among lower-capped cryptocurrencies within the Ethereum ecosystem. As Patrick H. from CryptelligenceX mentioned, “Mid and small cap Altcoins of the Ethereum ecosystem will probably move big next week.”
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Show more +The Uniswap Effect
Uniswap, being the decentralized exchange of the Ethereum ecosystem, plays a crucial role in facilitating trades for altcoins that are not listed on centralized exchanges. As Patrick H. explained, “If you want to trade altcoins that are not listed on centralized exchanges, you have to use Uniswap (as most of them are only listed on Uniswap).” This dynamic positions Uniswap as a key player in the altcoin trading sphere, further fueling the demand for its native token, UNI.
Breakout and Bullish Targets
The recent price surge of UNI is also part of a larger breakout from a descending triangle pattern, as highlighted by CryptoJack. The analyst has entered a long position on UNI, setting a target of $15, indicating potential for further upside from its current price of around $10.
Pendle Finance: Rising Star in DeFi
Alongside Uniswap’s impressive performance, Pendle Finance (PENDLE) has been making waves in the DeFi space. According to Decilizer, PENDLE has been “unstoppable after taking a breakout from $4,” with the analyst predicting a potential target of $6.95. Jane Bennet also chimed in, noting PENDLE’s impressive 540% gains in the past and its current breakout from $6, aiming for $8.47.
Read Also: Kaspa (KAS) Token Price Predicted to Reach $7 in This Bull Cycle: Here’s Why
Underlying Factors
The heavy buying and price surges of these cryptocurrencies can be attributed to several underlying factors. Pendle, a protocol that enables the tokenization and trading of future yield, has garnered significant attention due to its novel Automated Market Maker (AMM) that supports assets with time decay. This innovative approach provides users with more control over future yield, offering optionality and opportunities for its utilization.
Moreover, according to Crypto Koryo, Pendle, with over $6B in Total Value Locked (TVL), has surpassed Uniswap to become the 6th biggest DeFi protocol by TVL. The restaking narrative combined with points+ yt/pt trading has positioned Pendle as a leader in the DeFi space.
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