UMA, the native cryptocurrency of the Universal Market Access protocol has witnessed a powerful rally gaining over 80% within the final 12 hours. At press time, UMA is buying and selling at $3.79 with a market cap of $283.5 million.
UMA Price Leads to $3 Million Short Liquidations
As per data from Coinglass, the sudden UMA worth rally has led to $3 million briefly liquidations over the past 24 hours. On the opposite hand, the buying and selling volumes have additionally shot up by a staggering 2000% to $284 million.
Universal Market Access is a outstanding entity within the blockchain sector, specializing in oracle options. It positions itself as a decentralized reality community devoted to recording and validating information on the blockchain.
DeFi Llama ranks UMA because the ninth largest Oracle community globally, trailing behind main gamers akin to Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.
One of the main causes behind the UMA worth rally is robust community progress. As per Dune Analytics, each UMA and oSnaps have skilled a surge of their Total Value Secured (TVS), reaching an all-time excessive of over $774 million.
This improve in TVS coincided with a rising variety of firms becoming a member of the UMA community. Index Coop, a agency specializing in decentralized structured merchandise, just lately joined the community, marking its presence. B Protocol, a DeFi financial mitigation hub, is one other latest addition to the UMA community.
Bullish Momentum with Upcoming Oval Launch
As the extremely anticipated Oval launch of the Universal Market Access protocol approaches subsequent week, the cryptocurrency is experiencing a notable surge. Developers, in a latest tweet, expressed confidence that the upcoming service would play an important function in mitigating dangers throughout the decentralized finance (DeFi) business, particularly addressing the problem of maximal extractable worth (MEV).
According to information from Coinglass, UMA’s whole futures open curiosity has skyrocketed to a record-high of $47 million, signaling a strong demand for the token within the futures market.
Despite the inherent volatility of the cryptocurrency market, UMA is poised to keep up a steady trajectory. Market analysts are predicting a minimal buying and selling worth of $7.54 and a mean buying and selling worth round $9.43.
Looking forward, the Universal Market Access protocol is gearing up for a transformative yr in 2024. Industry consultants are optimistic a couple of substantial improve in UMA’s worth, with projections doubtlessly surpassing the $11.96 mark. This constructive outlook is attributed to its increasing partnerships and modern initiatives throughout the dynamic crypto area.
The introduced content material might embrace the non-public opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty in your private monetary loss.
