UMA Price Soars 80%; $3M Shorts Liquidated – Here’s Why

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The UMA price surge is linked to the upcoming Oval launch next week. Analysts predict potential gains of 100-200% in the coming days.

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UMA, the cryptocurrency of the Universal Market Access protocol, has experienced a robust surge, surging over 80% in the past 12 hours. Currently, UMA is trading at $3.79, boasting a market cap of $283.5 million.

 

UMA’s Strong Rally and Network Growth

UMA’s price surge has led to $3 million in short liquidations in the past 24 hours, while trading volumes soared by an impressive 2000%, reaching $284 million.

UMA, a prominent player in the blockchain sector, specializes in oracle solutions, positioning itself as a decentralized truth network dedicated to recording and validating data on the blockchain. Ranked as the 9th largest Oracle network globally by DeFi Llama, UMA trails behind major players like Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.

The driving force behind UMA’s price rally is its robust network growth. Dune Analytics highlights a surge in Total Value Secured (TVS) for both UMA and oSnaps, hitting an all-time high of over $774 million. This growth coincides with more companies joining the UMA network, including Index Coop, specializing in decentralized structured products, and B Protocol, a DeFi economic mitigation hub.

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UMA’s Surge Ahead of Oval Launch and Future Projections

The Universal Market Access (UMA) protocol is experiencing a significant surge ahead of its anticipated Oval launch next week. Developers are confident that the upcoming service will address risks in decentralized finance (DeFi), particularly focusing on maximal extractable value (MEV).

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Data from Coinglass indicates that UMA’s total futures open interest has reached a record-high of $47 million, signaling strong demand in the futures market.

Despite cryptocurrency market volatility, UMA seems set for a stable path. Analysts predict a minimum trading price of $7.54, with an average trading price around $9.43.

Looking ahead to 2024, the Universal Market Access protocol is gearing up for a transformative year. Industry experts are optimistic about a substantial increase in UMA’s value, potentially surpassing the $11.96 mark. This positive outlook is credited to the protocol’s expanding partnerships and innovative initiatives in the dynamic crypto space.


Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.

 

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