UMA Price Increases Due To Unusual Financing Sources

Retests were necessary once UMA Price recovered its High Time Frame (HTF) range. For long positions, the -2.00% funding on Bybit produces noteworthy gains.

Recently, the price of UMA—the native cryptocurrency of the Universal Access Protocol—rose sharply, reaching a new all-time high of $4.5. The UMA price has soared 128% in the past two days, with trade volumes over the roof.

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UMA Cost And Available Funding

Unexpectedly, $UMA is again re-testing the daily chart’s High Time Frame (HTF) range, which it had previously recaptured. The -2.00% funding on Bybit makes this situation much more attractive, as long positions can earn a whopping 6% daily or over 2,000% annually. A trader who opened a tiny account reported a $5,000+ overnight profit from financing costs alone, among other traders who have reported large wins.

The trader expects to make enough money from financing fees alone to make the deal risk-free in two more days, if funding stays stable, according to CrediBuLL Crypto. People trying to profit from this situation should exercise caution, though, because it is unusual. We highly advocate implementing a risk management strategy.

Apart from that, one address that has been idle for a year (0x276…1f1ec) unexpectedly sent 187,000 UMA to #Coinbase, putting its value at one million USD. In February 2023, this address made a floating profit of 1.13 million USD after transferring 370,000 UMA from the exchange at an average price of $2.08. Coinbase and a new address (0xCdE…02d7F) are both recipients of tokens in the most recent transaction.

The unfolding events in the crypto world have been further heightened by the 40% surge in the price of $UMA, an optimistic oracle project, in the previous 24 hours. As things progress, we will provide further updates.

DeFi and the Oval Debut

DeFi Llama ranks UMA as the ninth biggest Oracle network in the world, just below industry heavyweights such as Binance Oracle, Chainlink, Chronicle, WINKLink, and Pyth.

The strong expansion of UMA’s network is the reason behind the price spike. Dune Analytics reports that UMA and oSnaps’ Total Value Secured (TVS) has soared to a new record high of more than $774 million.

The much-anticipated Oval launch of the Universal Market Access protocol is rapidly approaching next week, and anticipation is at an all-time high. The value of the cryptocurrency has risen significantly as a result of this. The developers recently tweeted their confidence in the upcoming service’s ability to tackle issues in the decentralized finance (DeFi) industry, specifically the problem of maximal extractable value (MEV).

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