Uniswap saw a further drop in trading volume during the seventh month of the year due to low investor interest in the digital asset.
Uniswap hit a new low in July as the month proved to be one of the worst in the trading history of the decentralized exchange (DEX).
Be. According to the report, the DEX recorded a volume of approximately $37.8 billion during the first month of the third quarter of 2022.[In]Crypto Research.
While the value may seem high due to the volume recorded by competing DEXs such as 1Inch, Sushi Swap, Curve, Balancer, DYDX, Looping, Shibaswap and Mooniswap, it was down 18% from June. Uniswap’s volume for June was approximately $46.4 billion.
After hitting a new low since recording $32 billion in volume in February 2021, Uniswap saw a 4% year-on-year decline in trading volume since July last year. In July 2021, Uniswap’s trading volume was in the region of $39.8 billion.
Overall, the July figure was $24.8 billion down from an annual high of $62.7 billion in May.
What is causing the drop in Uniswap volume?
An overall bearish market that deepened in May, gained further ground in June, and has been extended to July, has been attributed to a decline in trading volumes on Uniswap, decentralized exchanges and centralized exchanges (CEXs).
UNI value response
UNI opened on July 1st with a trading price of $4.99, reached a monthly high of $9.74, tested a monthly low of $4.73 and closed the month at $8.37.
Overall, despite the decline in trading volume, the relatively low price of the token saw a 67% increase between UNI’s opening and closing price in July.
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