Uniswap's UNI Token Sees 7% Surge Amid Fee-Switch Expansion
Uniswap's UNI token has seen a 7% gain in value over the past 24 hours, reaching $4.11 as of Wednesday. This surge comes despite a decline in trading volume, with the 24-hour chart showing a steady upward trajectory.
The recovery is attributed to several factors, including the expansion of Uniswap's fee-switch mechanism to additional v4 pools and blockchain networks. The initiative directs a larger share of protocol fees toward UNI buybacks and token burns, which has boosted sentiment among investors.
Furthermore, data from CryptoQuant shows elevated whale activity, with Binance outflows of UNI reaching their fastest pace in five years. This increased demand for the token is also reflected in network metrics, which indicate increases in new addresses and large transfers around late July and early August.