Despite Bitcoin‘s downturn, UMA has delighted investors with a gain of over 28% and a staggering 200% increase in the past week. Derivative investors have poured $130 million into UMA, with open interest soaring by 24% in just 30 hours.
According to Coinglass, UMA’s open interest has escalated to $130.16 million, marking a 32.08% surge. The derivative volume has exceeded $3.01 billion, up by 32.55%. This rise precedes an eagerly anticipated update.
Investors are also observing a total liquidation of $5.83 million in UMA, with $2.20 million in long positions and $3.63 million in short positions liquidated. Recent liquidations in the last hour amounted to over $550,000.
UMA’s co-founder, Hart Lambur, hinted at an upcoming solution expected to launch within the week. Meanwhile, UMA’s price has momentarily surpassed the $7 mark, a significant milestone, especially as the broader crypto market faces uncertainty.
UMA experienced a 28% increase on Tuesday, trading just below $6 at $5.978. The altcoin hosted a 27.20% rise within the same period, achieving a market value of $480.66 million. UMA’s 24-hour trading volume reached $413.90 million, reflecting a substantial 38.04% increase, with a monthly rise of 192% and a weekly gain of 211%. A whale’s withdrawal of 95,000 UMA tokens from Coinbase, valued at $650,000, caught the crypto world’s attention, with UMA’s price jumping by 40%, bucking Bitcoin’s trend.