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Uniswap’s UNI token hits two-year high amid market surge

TL;DR

  • UNI token hit a two-year high amidst a market surge, with trading volume surges of 120%.
  • Solana aims for a breakthrough app to challenge Ethereum’s dominance in DeFi.
  • ShapeShift settles the SEC lawsuit and shifts focus to a decentralized structure.

Uniswap’s governance token, UNI, soared its highest value in two years amidst a broader bullish trend in the cryptocurrency market. Solana enthusiasts speculate on the need for breakthrough consumer applications to rival Ethereum, while experts caution against the detrimental effects of pump-and-dump schemes. Additionally, ShapeShift settles a lawsuit with the SEC stemming from its pre-DAO days.

UNI token reaches $14.76 amid bullish market

Uniswap’s UNI token surged to a two-year high, reaching $14.76 amidst a marketwide bullish rally. The increase in value coincides with a significant uptick in trading volume, which surged by 120% over the last 24 hours to $1.18 billion. 

With its market capitalization soaring by 44% in the past week to $9.4 billion, UNI now stands as the 16th largest cryptocurrency by market capitalization. This rally positions UNI above $17, a level not witnessed since January 2022, underscoring investor confidence in the decentralized exchange (DEX) sector.

As UNI experiences a surge, proponents of Solana are eyeing a breakthrough consumer application to compete with Ethereum’s dominance in the decentralized finance (DeFi) space. Solana’s network has seen increased activity, a growing developer count, and a rising number of users, partly fueled by a resurgence in memecoin activity in December 2023. 

A significant upgrade slated for 2024 aims to bolster transaction processing capabilities on the Solana network, potentially positioning it as a formidable competitor to Ethereum. With these developments, Solana’s proponents are optimistic about its prospects as an “Ethereum killer.”

ShapeShift settles SEC lawsuit; shifts focus to DAO structure

Cryptocurrency exchange ShapeShift has reached a settlement with the United States Securities and Exchange Commission (SEC) regarding a lawsuit dating back to 2021. The lawsuit, which predates ShapeShift’s transition into a decentralized autonomous organization (DAO), accused the exchange of operating an online platform akin to a crypto “vending machine” from 2014 to January 2021. 

ShapeShift acted as both the market maker and counterparty for trades during this period, allowing it to profit from the price spread of trades. The settlement involves ShapeShift accepting the SEC’s cease and desist order and agreeing to pay a penalty. This resolution marks a pivotal moment for ShapeShift as it shifts its operational focus toward its DAO structure.

Combatting pump-and-dump schemes in the crypto industry

The cryptocurrency space continues to grapple with the prevalence of pump-and-dump schemes, which harm investor trust and market integrity. These schemes typically involve manipulating investors with false claims and creating a sense of urgency to induce token purchases only to offload holdings at inflated prices. 

While the industry has made strides in maturing, particularly in DeFi, the allure of quick profits often leads to freewheeling trading activities, facilitating such schemes. Experts emphasize the importance of vigilance and regulatory measures to mitigate the impact of these fraudulent practices.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Benson Mawira

Benson is a blockchain reporter who has delved into industry news, on-chain analysis, non-fungible tokens (NFTs), Artificial Intelligence (AI), etc.His area of expertise is the cryptocurrency markets, fundamental and technical analysis.With his insightful coverage of everything in Financial Technologies, Benson has garnered a global readership.

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