Uniswap (UNI) price is currently at $3.91, down 15% from the monthly peak of $4.70, as investors grapple with uncertainty surrounding the new fee structure. On-chain data examines how the early optimism shown by UNI holders could evolve into a quick price recovery.
On October 16, Uniswap’s founder announced that the leading Decentralized Exchange (DEX) platform would add a new 0.15% fee for swaps on certain coins. Amid the growing market FUD, will the UNI investors hodl or fold?
The New Fees Structure has Not Impacted Uniswap Transaction Count Negatively
On Monday, Uniswap’s founder, Hayden Adams, announced the widely unpopular new 0.15% fee structure. The majority of comments across global crypto media portrayed negative reactions. And unsurprisingly, the UNI token price declined 10% within the next 24 hours, losing thhe vital $4 support in thhe process.
However, looking beyond the scathing headlines and ensuing panic sell-off, on-chain data shows that Uniswap network traction has not shown any signs of deterioration. In fact, it has been quite the opposite.
Daily UNI Transactions increased to a monthly 2,918 on October 17 before scoring another 2,153 transactions on October 18. As depicted in the CryptoQuant chart below, September 21 was the last time UNI Transactional Activity reached those levels.
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Author: Ibrahim Ajibade
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