During today's trading session, UMA—one of the cryptocurrencies that has been trending lately—gained more than 28%. In addition, the price of UMA has increased by more than 200% in a single week. Given that the open interest has risen above 30% over the previous day, it has been determined that derivatives traders have invested $130 million in UMA during the recent rally.
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Updated Oval and UMA derivatives data
The UMA open interest is $130.16 million, a 32.08% rise, based on statistics from Coinglass. On the other hand, UMA's derivatives transaction volume increased 32.55% to $3.01 billion. The spike in open interest before UMA's upcoming Oval upgrade, which has recently generated a lot of anticipation.
However, enormous liquidations were reported throughout the previous day. UMA's total liquidations came to $5.83 million. Of this, $2.20 million in liquidations were attributed to long positions, and $3.63 million was attributed to short positions. Furthermore, in the final hour, holdings valued at more than $550,000 were liquidated.
It is anticipated that the UMA Oval update will offer a way to protect lending practices from Maximal Extractable Value (MEV). But as of right now, comprehensive details about the future MEV solution are not accessible. However, the Oval update isn't too far off—Hart Lambur, co-founder of UMA, recently made a hint that this week will see the solution's rollout.
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The price surge of UMA defies negative market tendencies.
The UMA price reached a 52-week high of $6.91 during today's bullish run, which was a noteworthy accomplishment. It's a noteworthy accomplishment given the generally negative trajectory in the cryptocurrency market, with Bitcoin trading below $39,000. On the other hand, on Tuesday, January 23, UMA's value increased by as much as 28%. The price of the UMA increased by 26.25% to $6.33 as of this writing.
However, the altcoin saw a 27.20% increase in market capitalization to $480.66 million. Furthermore, the cryptocurrency's 24-hour trading volume was $413.90 million, representing a significant gain of 38.04%. Furthermore, the UMA cryptocurrency has increased by 192% in just one month, with weekly returns reaching an astounding 211%.
However, UMA also recorded a notable concentration of whales. The company Scopescan, which offers on-chain data, reports that on Monday, a whale removed 95,000 UMA tokens valued at $650,000 from Coinbase. Scopescan further reported in a post on X that following this trade, the UMA price increased by 40% in the context of additional whale activity.