Decentralized exchange Uniswap surpassed Coinbase in daily trading volume over the past few days. This sudden surge is likely due to the buzz generated by Pepecoin (PEPE).
Uniswap first caught up with Coinbase’s daily trading volume on May 4, when the two exchanges posted $1.2 billion in volume each, per on-chain data. Uniswap then overtook Coinbase the following day, posting $2.2 billion against the latter’s $1.3 billion. At the time of writing, Uniswap still has the edge over its competitor.
It is not the first time for the DEX to beat Coinbase in daily volume. Uniswap surpassed centralized exchanges several times last year, especially after the collapse of the crypto exchange FTX. Analysts explained that the FTX failure pushed traders to find alternatives to centralized exchanges.
In fact, Uniswap recorded four times the trading volume of its closest competitor, PancakeSwap, over the past week. The exchange also accounted for 61 percent of all DeFi trading for the week.
Both are also popular with online consumers who use crypto day-to-day, with Binance being the favorite among online gamblers who use the exchange to deposit funds at crypto gambling sites. Unlike Coinbase, Binance does not penalize users for using their digital assets for gambling purposes.
Additionally, many users have voiced their concerns about the interface of DEX platforms. Some went as far as to call these platforms “unusable.”
Furthermore, centralized exchanges offer more liquidity to users because they hold users’ funds in their custody. Conversely, DEXs match buyers and sellers using algorithms to remove the need for intermediaries. However, the FTX issue increased concerns about the liquidity of centralized exchanges.
Investigation into the FTX bankruptcy case revealed that the exchange’s executives used customer funds to bet on crypto projects. When the FTX experienced significant deposit outflows, the exchange could not cover the liquidity needed by the withdrawals and had to shut down.
The case of FTX also prompted regulators across the globe to tighten regulation on crypto exchanges. Financial authorities proposed the use of standard regulations for traditional finance firms in crypto exchanges, including the Know Your Customer (KYC) and Anti Money Laundering laws, which met with opposition from the crypto community.
The release of the new memecoin PEPE also contributed to Uniswap’s recent surge in volume. Since the beginning of April PEPE increased in value up to 2,400%. However, the memecoin then saw a steep decline from May 5 that wiped out a large portion of its earlier gains.
The token hit a new low on May 8 at $0.0000018, breaching the long-term Fibonacci retracement level of 0.618. The Fib retracement level works on the principle that after a significant change in pricing trend, the asset’s price will revisit its previous level before assuming its original trend.
Meanwhile, the relative strength index (RSI) of PEPE offered mixed readings. Traders usually use the RSI to determine whether an asset is overbought or oversold. An RSI reading above 50 signals an upward trend for the asset, meaning that bulls will have an advantage, and vice versa. The current RSI reading for PEPE is below 50, but the token’s trend is bullish.
Crypto analysts predict a bounce for PEPE in the coming days. Once the token hits its lowest resistance level, it will likely edge up toward the 0.5-0.618 Fib retracement range of $0.0000030 to $0.0000034. In this scenario, analysts say that it is possible for PEPE to reach a new all-time high.
Nevertheless, analysts warn that a decline below the May 8 low will invalidate a bullish trend for PEPE. If it happens, the price correction can fall to the next closest resistance level of $0.0000010.
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