Uniswap [UNI] caught in firing line as BUSD FUD threatens to reverse gains

Uniswap [UNI] caught in firing line as BUSD FUD threatens to reverse gains

February 15, 2023

By Suzuki Shillsalot

Realistic or not, here’s UNI’s market cap in BTC’s terms

Transaction fees on Uniswap nosedived as users stayed away.

Whales stayed faithful to UNI as it was one of the most purchased tokens.

Uniswap[UNI] saw its Binance USD [BUSD] holdings deplete sharply as traders holding the dollar-pegged stablecoin looked for the quickest ways to exit the market.

According to a tweet by Glassnode, BUSD liquidity on the largest decentralized exchange in the crypto space dipped to a one-month low.

The crypto market felt the pinch of an aggressive clampdown on the crypto market participants just as it was about to recover from the depths of 2022 bear market.

Will Uniswap take a U-turn?

The Uniswap community was upbeat after getting a go-ahead for the deployment of its latest version V3 on the BNB Chain. The prospect of benefiting from Binance Chain’s [BNB] large user base caused a surge in many of its key performance indicators (KPIs). However, the gains could be at risk of getting reversed.