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UMA Token Draws Attention with Massive Surge: What’s Behind the UMA Rally?

  • UMA, the native cryptocurrency of the Universal Market Access protocol, has experienced a strong surge of over 180% in the last 12 hours.
  • Universal Market Access is a prominent asset in the blockchain sector, focusing on oracle solutions.
  • With the highly anticipated Oval launch of the Universal Market Access protocol approaching next week, the cryptocurrency is undergoing a significant rally.

UMA, the token of the Universal Market Access protocol, made a big impact with its rise in the last 24 hours: Here are the details!

UMA Token Price Surge Grabs Attention

UMA-Token

UMA, the native cryptocurrency of the Universal Market Access protocol, has experienced a strong surge of over 180% in the last 12 hours. Currently, UMA is trading at around $5.81, with a market capitalization of $283.5 million. According to data from Coinglass, the sudden UMA price rally led to a $7 million short position liquidation in the past 24 hours. On the other hand, trading volumes also surged to $284 million, marking an impressive increase of up to 2000%.

Universal Market Access is a notable asset in the blockchain sector, focusing on oracle solutions. It positions itself as a decentralized truth engine that records and verifies data on the blockchain. According to DeFiLlama, UMA ranks as the 9th largest global Oracle network, lagging behind major players such as Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.

One of the main reasons behind the UMA price rally is strong network growth. According to Dune Analytics, both UMA and oSnaps have experienced a surge in Total Value Locked (TVL), surpassing $774 million and reaching an all-time high.

This TVL increase coincided with the rise in the number of companies joining the UMA network. Index Coop, a firm specializing in decentralized products, recently joined the network. B Protocol, a decentralized economic mitigation center, is also one of the latest additions to the UMA network.

Bullish Trend with Upcoming Oval Launch

With the highly anticipated Oval launch of the Universal Market Access protocol approaching next week, the cryptocurrency is undergoing a significant rally. Developers expressed confidence in a recent tweet that the upcoming service would play a critical role in mitigating risks in the decentralized finance (DeFi) industry, particularly focusing on the maximum extractable value (MEV) issue.

According to Coinglass data, UMA’s total open futures positions have surged to a record level of $3.7 billion, indicating strong demand in the futures market for the token. Despite the volatility inherent in the cryptocurrency market, UMA is ready to maintain a stable trajectory. Market analysts expect a minimum trading price around $7.54 and an average trading price around $9.43.

In the coming period, the Universal Market Access protocol is gearing up for a transformative year in 2024. Industry experts anticipate a significant increase in UMA’s value, with projections including the potential to surpass the $11.96 level. This positive outlook is associated with expanding partnerships and innovative ventures in the dynamic crypto space.

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Celal Mutlu
Celal Mutluhttps://coinotag.com/
Celal Mutlu is a young Satoshi reflection at the age of 21. His favorite characters are CZ and Vitalik, and he has a great sense of humor. Celal is a keen follower of developments in the world of cryptocurrency and keeps up with the latest news and trends.
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