Uniswap rallies on news of Genie acquisition and high user activity
Uniswap (UNI) has been on a tear of late, positioning itself among a handful of coins that have managed to shake off the cold from the crypto winter
The coin seems to riding a wave of positive investor sentiment following acquisition announcements by its creators, Uniswap Labs
The UNI price seems to be correlating with market interest in the NFT space
As markets have tempered somewhat in the last few weeks, the coin is up around 40% on its weekly trading price.
The latest price rally can be attributed to whales accumulating and the coin raking in more user transaction fees than Ethereum, which is usually a sign of elevated user activity on the Uniswap platform.
Uniswap Labs’ acquisition of Genie further bolstered investor confidence in the coin. Genie is an NFT marketplace for marketplaces, which lets users buy and sell NFTs across different NFT platforms. Uniswap aims to integrate NFTs into its offerings, starting with the Uniswap app, where users will be able to buy and sell NFTs.
What is Uniswap?
It is the largest peer to peer cryptocurrency exchange. Anyone with an Ethereum wallet can trade tokens directly with other traders over Uniswap. The trades are facilitated by a smart contract. UNI is the native token of the Uniswap protocol.
At the time of writing, the coin was trading at $5.58, up 40% from a week ago, but still way off its all time high of $44 in May last year.