- Uniswap trading volume dropped further in July.
- Bearish market cues led to a Y/Y plunge in July.
- Uniswap volume hit a $37-billion-year low in July.
Uniswap recorded more drop in trading volume in July following reduced investor interest in crypto.
Uniswap hit a new 2022 low in July as the marketplace deteriorated, translating to turmoil in the DEX (decentralized exchange). Be(In)Crypto Research shows that the DEX’s trading volume during the 2022 Q3 first month was $37.8 billion.
While this number could appear high compared to the volume registered by rivals like MooniSwap, Loopring, dydx, Balancer, Curve, SushiSwap, 1inch, it represented an 18% drop from June. Uniswap’s June volume stood at around $46.4B.
After hitting record lows in volume, at $32 billion, in Feb 2021, Uniswap also witnessed a 4% decline Y/Y in trading capacity from July 2021. The protocol had its trading volume at around $39.8 billion in July 2021. Meanwhile, July data reflected a $24.8B drop from the May yearly high at $62.7B.
Why Uniswap Volume Dip?
The unending bearish market that escalated in May before intensifying in June and stretched to July contributed to slumped volumes in Uniswap, centralized exchanges (CEXs), and decentralized exchanges (DEXs).
UNI Price Analysis
Uniswap’s UNI welcomed 1 July changing hands at $4.99. Roller coaster actions saw the metric climbing towards $9.74 monthly and plummeting to a $4.73 monthly low before closing the month near $8.37. though the trading volume declined, the somewhat lower token prices recorded a 67% uptick during July.
Meanwhile, the crypto market saw improved sentiment over the past few sessions. While publishing this content, the global cryptocurrency market capitalization hovered at $1.17 trillion, gaining 3.05% within the past day. Meanwhile, the total cryptocurrency market volume dropped 7.46% within the past day to $65.96 billion.
Also, Bitcoin remains elevated, changing hands at a 2.76% 24hr increase to $24,457 during this publication. However, that comes as prices cool following sharp upticks that took BTC to the 425K vicinity. Also, the altcoin market flourished within the last 24hrs, exploring green during this publication.
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