Uniswap Price Soars as Robinhood Chain Uptick Drives Fees to Record Levels

Uniswap's impressive run has continued, with its price surging by 38% in the past seven days. This puts it ahead of most other top-10 cryptocurrencies. The key factor behind this uptick is the launch of Uniswap on the Robinhood Chain.

The platform has seen a significant increase in user activity, with daily active users (DAUs) sitting at 2.5 million. Trading volumes for UNI remain high at $1.4 billion, accounting for 22% of its circulating market cap. This reflects the strong buying pressure on the token.

Uniswap's protocol fees have skyrocketed by 296% in the past 30 days, with nearly $84 million collected during this period. If current trends continue, monthly fees could surpass November 2021's second-best month for Uniswap, reaching a new all-time high of over $250 million.

Looking ahead, two scenarios are possible: a bullish breakout above $9 that pushes UNI to $10-$12 in the next few weeks or a short-term pullback before resuming its rally. The Relative Strength Index (RSI) has surged to overbought territory for a second time during this rally already.