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UMA, the native cryptocurrency of the Universal Market Access protocol has witnessed a powerful rally gaining over 80% within the final 12 hours. At press time, UMA is buying and selling at $3.79 with a market cap of $283.5 million.

UMA Price Leads to $3 Million Short Liquidations

As per data from Coinglass, the sudden UMA value rally has led to $3 million in brief liquidations during the last 24 hours. On the opposite hand, the buying and selling volumes have additionally shot up by a staggering 2000% to $284 million.

Universal Market Access is a distinguished entity within the blockchain sector, specializing in oracle options. It positions itself as a decentralized reality community devoted to recording and validating information on the blockchain.

DeFi Llama ranks UMA because the ninth largest Oracle community globally, trailing behind main gamers corresponding to Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.

One of the foremost causes behind the UMA value rally is powerful community progress. As per Dune Analytics, each UMA and oSnaps have skilled a surge of their Total Value Secured (TVS), reaching an all-time excessive of over $774 million.

This enhance in TVS coincided with a rising variety of firms becoming a member of the UMA community. Index Coop, a agency specializing in decentralized structured merchandise, lately joined the community, marking its presence. B Protocol, a DeFi financial mitigation hub, is one other current addition to the UMA community.

Bullish Momentum with Upcoming Oval Launch

As the extremely anticipated Oval launch of the Universal Market Access protocol approaches subsequent week, the cryptocurrency is experiencing a notable surge. Developers, in a current tweet, expressed confidence that the upcoming service would play an important position in mitigating dangers throughout the decentralized finance (DeFi) trade, particularly addressing the problem of maximal extractable worth (MEV).

According to information from Coinglass, UMA’s whole futures open curiosity has skyrocketed to a record-high of $47 million, signaling a strong demand for the token within the futures market.

Despite the inherent volatility of the cryptocurrency market, UMA is poised to keep up a secure trajectory. Market analysts are predicting a minimal buying and selling value of $7.54 and a mean buying and selling value round $9.43.

Looking forward, the Universal Market Access protocol is gearing up for a transformative yr in 2024. Industry consultants are optimistic a few substantial enhance in UMA’s worth, with projections doubtlessly surpassing the $11.96 mark. This optimistic outlook is attributed to its increasing partnerships and progressive initiatives throughout the dynamic crypto house.

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Bhushan is a FinTech fanatic and holds a great aptitude in understanding monetary markets. His curiosity in economics and finance draw his consideration in direction of the brand new rising Blockchain Technology and Cryptocurrency markets. He is constantly in a studying course of and retains himself motivated by sharing his acquired data. In free time he reads thriller fictions novels and typically discover his culinary expertise.

The offered content material could embrace the private opinion of the creator and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The creator or the publication doesn’t maintain any accountability on your private monetary loss.