It is only in the cryptocurrency market where losing $70 billion might not be a big case as the cumulative value of all assets stayed beyond $1.30 trillion at this publication. Though the same metric hovered near $2 trillion up until one month ago, before May’s first week erased all February gains.
Uniswap Losses Grounds
The turmoil in the overall crypto spectrum did not spare any token, and each crypto lost more than 30% between May 9 and May 11. Uniswap (UNI) wasn’t an exception as the alt plummeted towards the $5.31 lows, reflecting a 19.4% plunge within the past seven days.
Meanwhile, the crash was different from previous bearish cycles as market participants witnessed losses from all directions, forcing some to quit the cryptocurrency atmosphere.
If you follow online crypto communities like those on Reddit, you probably know the magnitude of this narrative. Meanwhile, most investors escaped further losses by selling their holdings.
Some UNI holders used the second approach, selling nearly 700K Uniswap tokens worth $3.5 million. Inquisitively, this cohort included sellers (long-term players) known for HODLing throughout bearish markets.
As this investor category incurred such losses, they turned to dump their holdings amid the panic, consuming 16.93 billion in the process. May 13 was crucial for investors as they moved UNI, with total on-chain transactions accounting for 19 million UNI tokens, $96 million. Moreover, these tokens were already at a loss.
Nevertheless, the total on-chain losses on the day surpassed 69 million UNI, worth more than $353 million on May 13. However, the plummet didn’t hit the spot market only.
Uniswap, as a decentralized exchange, also recorded a surge in transaction volume during the week ending May 9. The DEX noted movements worth $24.54 billion, higher than the usual low numbers of $11 billion – $15 billion.
Nevertheless, some decentralized exchanges lost market dominance as traders decided to HODL. That improved Uniswap’s market hold to 79.9%, a somewhat win case for Uniswap.
Meanwhile, the crypto market presented impressive moves the previous day. The global cryptocurrency market capitalization noted a 3.27% overnight surge to $1.31 trillion. However, more is essential for steady uptrends.