UMA, the native cryptocurrency of the Universal Access Protocol, has been on a strong price rally recently surging all the way to $4.5. Just within the last two days, the UMA price has gained a staggering 128% with skyrocketing trading volumes.
UMA Price And Funding Opportunities
In a surprising turn of events, $UMA has successfully reclaimed its High Time Frame (HTF) range on the daily chart and is currently undergoing re-tests. What makes this situation particularly intriguing is the -2.00% funding on Bybit, resulting in long positions earning a staggering 6% daily or over 2,000% annually. Traders have reported substantial gains, with one individual claiming an overnight profit of $5,000+ solely from funding fees after opening a relatively small position.
If funding remains consistent, in just two more days, this trader anticipates the potential for enough earnings from funding fees alone to render the trade risk-free, reports CrediBuLL Crypto. However, its crucial to note that this is an atypical scenario, and caution is advised for those attempting to capitalize on it. Effective risk management is strongly recommended.
In another noteworthy development, an address that has remained dormant for a year (0x276…1f1ec) suddenly deposited 187,000 UMA to #Coinbase, valuing it at 1 million US dollars. This address had previously transferred 370,000 UMA from the exchange at an average price of $2.08 in February 2023, resulting in a floating profit of 1.13 million US dollars. The recent activity involves transferring half of the tokens to Coinbase and the other half to a new address (0xCdE…02d7F).
$UMA, identified as an optimistic oracle project, has witnessed a remarkable 40% increase in the last 24 hours, adding further intrigue to the unfolding events in the crypto space. Stay tuned for more updates as the situation develops.
DeFi and Oval Launch
UMA is currently ranked as the 9th largest Oracle network globally by DeFi Llama, positioning it behind industry giants like Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.
The surge in UMAs price is attributed to robust network growth. According to Dune Analytics, both UMA and oSnaps have witnessed a significant increase in their Total Value Secured (TVS), reaching an all-time high of over $774 million.
Anticipation is building as the highly awaited Oval launch of the Universal Market Access protocol approaches next week. This has contributed to a notable uptick in the cryptocurrencys value. In a recent tweet, developers expressed confidence that the forthcoming service would play a pivotal role in addressing risks within the decentralized finance (DeFi) sector, particularly targeting the challenge of maximal extractable value (MEV).