Uniswap gets slammed with high activity in November – Was UNI benefitted?

• Transaction fees climbed to a six-month high on Uniswap in November.
• UNI accumulation has persisted amongst coin traders. 

Leading decentralized exchange (DEX) Uniswap [UNI] closed November at its highest monthly fees since May, according to data from DefiLlama.

Information retrieved from the data provider showed that the DEX generated over $55 million in protocol fees in November, surpassing the $68 million generated in May by 21%.

Source: DefiLlama

A month-over-month (MoM) assessment revealed that November’s figure represented a 41% uptick from the $32 million that Uniswap recorded in transaction fees in October.

Uniswap saw increased usage

Transaction fees on Uniswap climbed to multi-month highs in November because the 30-day period was marked by a surge in trading activity on the platform.

AMBCrypto found that during that month, the number of active users on the DEX totaled 1.3 million, reaching its highest level since June.

As the user count rallied, trading volume on the protocol also saw some growth.

In November, the total trading volume on Uniswap amounted to $41 billion. This was a 64% increase from October’s $25 million and moreover, was the highest number recorded since March.

UNI bulls sustain momentum

Although the altcoin spent the last two weeks of November trading in a tight range, its price climbed by over 40% in the last month.

The ongoing narrow price movement in UNI’s price mirrors the general market sentiment. Traders have mostly stayed their hands from executing large trades.

While profit-taking activity gains momentum, UNI accumulation continues on the spot market. The token’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 58.91 and 70.07, respectively.

At these values, these indicators showed that UNI traders have maintained their preference for token accumulation.

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Readings from its Moving Average Convergence/Divergence indicator showed its MACD line resting above the trend line. This signaled the existence of a bullish trend in the UNI market.

On the token’s futures market, its open interest currently sits at a year-to-date high of $102 million, data from Coinglass showed. In November, UNI’s open interest increased by 43%. 

Source: Coinglass