Lucía Peña
Uniswap’s native token UNI slipped to $9.37, marking its lowest level in almost a month. The token has now lost over 23% from its August peak of $12.26, pulling its market capitalization down to $5.9 billion.
According to DeFi Llama, Uniswap recorded a transaction volume of $143 billion in August, smashing its previous record of $99 billion. This surge brings the platform’s total yearly volume to $724 billion, reaffirming its role as the leading decentralized exchange (DEX).
At the same time, Uniswap’s fee revenue continues to climb. The protocol collected $273.7 million in Q3 so far, compared to $263.8 million last quarter. Significantly, current revenues are more than double the $115 million generated in the same quarter last year.
Unichain Shows Steady Growth
Uniswap’s layer-2 solution, Unichain, which launched in March, also delivered strong results in August. The value of assets handled by its dApps reached $12.54 billion, only slightly below July’s $13.5 billion. Since inception, Unichain has processed over $53 billion, strengthening Uniswap’s multi-chain presence.
Whales and Smart Money Keep Buying UNI
Despite the price slump, large investors continue to accumulate UNI. Whales now hold 8.77 million UNI, up from 8.26 million in August. Meanwhile, “smart money” wallets increased their positions to 41.6 million tokens.
On the flip side, exchange reserves have dropped to 645 million UNI, down from 655 million last month, suggesting fewer tokens are available for immediate selling pressure.
UNI Price Forecast
From a technical perspective, UNI has retraced from its $12.26 August high to its current $9.36, testing the lower boundary of an ascending channel. The token still trades above the 100-day exponential moving average (EMA) and a key Murrey Math Lines support pivot.
If momentum holds, analysts expect UNI to rebound toward $12.26, representing a potential 30% upside. However, a break below the 100-day EMA could invalidate the bullish scenario and open the door to further declines.
