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The Universal Access Protocol's native cryptocurrency, UMA, has recently experienced a significant price surge that has seen it reach $4.5. The UMA price has increased by an astounding 128% in just the previous two days, with trade volumes surging.
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UMA Price And Possible Funding
Unexpectedly, $UMA is currently going through retests after successfully regaining its High Time Frame (HTF) range on the daily chart. The situation is especially interesting because long positions on Bybit can earn an astounding 6,000% per day or over 2,000% annually due to the -2.00% funding. Traders have reported significant gains; one person claimed to have made over $5,000 in profit overnight only from funding costs after initiating a tiny account.
CrediBuLL Crypto says that this trader expects to be able to make enough money from financing fees alone in just two more days, assuming funding stays steady. This would eliminate any risk associated with the trade. It's important to remember that this is an unusual situation, and anyone looking to take advantage of it should proceed with caution. It is highly advised that risk be managed effectively.
Another interesting development is that an address (0x276…1f1ec) that had been inactive for a year unexpectedly deposited 187,000 UMA to #Coinbase, making it worth $1 million USD. Prior to February 2023, this address had transferred 370,000 UMA from the exchange at an average price of $2.08, yielding a floating profit of $1.13 million US. Half of the tokens were recently transferred to Coinbase and the other half to a new address (0xCdE...02d7F).
Known as an optimistic oracle project, $UMA has had an astounding 40% growth in the past 24 hours, adding even more mystery to the events taking place in the cryptocurrency world. As the situation evolves, check back for additional updates.
Oval Launch and DeFi
According to DeFi Llama, UMA is presently the ninth-largest Oracle network worldwide, trailing behind major players in the market including Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.
The strong network growth is responsible for the price increase of UMA. Dune Analytics reports that Total Value Secured (TVS) for both oSnaps and UMA has increased significantly, hitting a record high of nearly $774 million.
As the much anticipated Oval launch of the Universal Market Access protocol draws nearer next week, excitement is growing. This has helped to significantly increase the value of the coin. Developers recently tweeted their optimism that the upcoming service will be crucial in mitigating risks in the decentralized finance (DeFi) space, specifically focusing on the problem of maximal extractable value (MEV).