Why is UMA Price Up Today?

Decentralized financial derivatives protocol UMA has seen its native token UMA surge over 20% in the last 24 hours to over $6.50. The move comes as derivatives activity on UMA spikes ahead of its expected Oval update aimed at mitigating Maximal Extractable Value (MEV) issues.

UMA has rallied from around $5.00 to current levels of $6.50 in the past day, notching a gain of over 20% amid very strong momentum.

Source: CoinStats – Start using it today

Driving upside appears to be building speculation ahead of UMA’s upcoming Oval update, which intends to protect lending protocols from MEV extraction risks. According to statistics from Coinglass, open interest on UMA has swelled to over $121 million in the past day, rising 42% in just 24 hours.

UMA co-founder Hart Lambur hinted that the Oval update rollout could come as early as this week. While details remain scarce, the potential MEV solution combined with the parabolic growth in UMA derivatives activity suggests traders are positioning for a bullish breakout.

New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW

Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!

Sponsored

Show more +

In the past week alone, UMA has seen truly explosive price action, vaulting over 200% off the swing low around $2.15. The altcoin now faces initial resistance around the $6.90 level, with potentially more upside on a successful and impactful Oval update.

Still, the fervent derivatives speculation signals traders see further upside potential as UMA looks to mitigate pernicious MEV risks. 

You may also be interested in:

Check $RECQ Meme Coin

Sponsored: Invest Responsibly, Do Your Own Research.
Serves as the base currency for all transactions within the Rebel Satoshi platform
ICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
intelligent crypto
How are  regular people making returns of as much as 70% in a year with no risk?  By properly setting up a FREE Pionex grid bot - click the button to learn more.
Crypto arbitrage still works like a charm, if you do it right! Check out Alphador, leading crypto arbitrage bot to learn the best way of doing it.

Tags:

Vignesh Karunanidhi
Vignesh Karunanidhi

Seasoned crypto writer with deep passion for blockchain and cryptocurrency

CaptainAltcoin
Logo