This is because the crypto market is facing fresh selling pressure amid rising bearish fears.
According to CoinMarketCap, the price of the Shiba Inu (SHIB) is up almost 29.32% since last week, outperforming the rest of the top 20 largest cryptocurrencies by market capitalization in weekly gains. However, Uniswap is ahead with an overall weekly gain of 36.72 percent.
The Shiba Inu rose almost 45% to a high of $0.000012 on June 21. As of press time, the Shiba Inu had cut daily gains at a trading price of $0.00001. However, it remains on a seven-day basis. This is because the crypto market is facing fresh selling pressure amid rising bearish fears.
1/ The Uniswap Universe Is Expanding
In pursuit of our mission to unlock universal ownership and exchange, we are excited to share what we have achieved. @geniexyz – First NFT Marketplace Aggregator – Expanding our products to include both ERC-20 and NFT ️ pic.twitter.com/vESlbE3kvy
— Uniswap Labs (@Uniswap) 21 June 2022
uniswap The AMM Protocol is up 11.21% in the last 24 hours. As shared on its Twitter handle, Uniswap has moved on to acquire Genie, an NFT marketplace aggregator, thus expanding its products to include both ERC-20s and NFTs.
Beginning this fall, users will be able to buy and sell NFTs directly on the Uniswap web app. Uniswap Protocol notes that this is not its first foray into NFTs. In the spring of 2019, it launched an NFT liquidity pool backed by real-world assets and Unisox, the first instance of NFTs.
cryptocurrency market action
Bitcoin once again traded above the $20,000 level, coupled with weak stocks amid growing concerns about a global recession.
The largest cryptocurrency is currently trading at $20,764, down 4.13%. Ether, the second-largest cryptocurrency, is currently trading at $1,113 with a drop of 5.62%. At the time of publication, most cryptocurrencies, especially those in the top 100, are losing value.
Cryptocurrencies have been trending in the same way as stocks since several months ago, and Wednesday’s changes were no different as investors’ interest in riskier assets waned due to rising concerns about an economic slowdown. Similar to its behavior during May to September of last year, the Shiba Inu appears to be consolidating around the range of $0.0000008-$0.0000012.