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.

Transform Hundreds Into Millions With the Magic of Memecoins – think $BONK, but bigger!🤫

The key? Getting in early, especially during the IDO phase. Get in on NuggetRush now! This innovative memecoin blends play-to-earn gaming with real-world gold mining. Join soon to take advantage of the current ICO prices!

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 NuggetRush ($NUGX)

Sponsored: Invest Responsibly, Do Your Own Research.
Being in its ICO stage, NuggetRush offers a prime opportunity for early investors to get in at potentially lower prices
A unique play-to-earn gaming platform in the memecoin market
The platform combines artisanal and gold mining with cryptocurrencies in an unusual gaming context, offering a distinctive and immersive experience
Fosters a strong community by encouraging physical meetups among members
NFT Integration with Prominent Characters
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