Last week, UMA made headlines with its rise, delighting investors with gains over 28% despite Bitcoin‘s fall. Moreover, the rate of increase in UMA’s price over the past week exceeded 200%. Considering the current situation of UMA, it was observed that derivative investors invested $130 million in UMA and open interest rose over 24% in the last 30 hours.
Comments on UMA
Coinglass statistics indicate that UMA’s open interest climbed to $130.16 million, representing an increase of 32.08%. The derivative volume in UMA also increased by 32.55%, surpassing $3.01 billion. The rise in open interest occurred just before an eagerly anticipated new update.
Another point of interest for investors was the total liquidation for UMA reaching $5.83 million. This included the liquidation of $2.20 million in long positions and $3.63 million in short positions. The liquidation in the last hour alone amounted to over $550,000.
A comment about the upcoming update was made by UMA’s Co-founder Hart Lambur recently. Lambur hinted that the solution was expected to be released within the week.
Current Status of UMA Price
During today’s rise, the UMA price momentarily exceeded the $7 level, surpassing last year’s highest value and marking an important milestone. This was a notable achievement as the overall trend in the crypto market raised questions, especially after Bitcoin’s price dipped below the $39,000 level.
While all this was happening, UMA’s price experienced a 28% increase on Tuesday, January 23. As of writing time, UMA was trading just below the $6 level at $5.978.
The altcoin hosted a 27.20% increase during the same period and reached a market value of $480.66 million. On the other hand, UMA’s 24-hour trading volume was calculated at $413.90 million, reflecting a significant increase of 38.04%. Moreover, UMA’s monthly rise was 192%, while the weekly gain reflected an incredible rate of 211%.
A whale drew the attention of the entire crypto world by withdrawing 95,000 UMA tokens worth $650,000 from Coinbase on Monday. Following the transaction, Scopescan shared on platform X that UMA’s price moved contrary to Bitcoin, achieving a 40% jump.
