UMA Price Jumps 80% In A Day With $3 Million Shorts Liquidated, Here’s Why

Bhushan Akolkar
January 19, 2024 Updated January 20, 2024
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UMA, the native cryptocurrency of the Universal Market Access protocol has witnessed a strong rally gaining over 80% in the last 12 hours. At press time, UMA is trading 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 price rally has led to $3 million in short liquidations over the last 24 hours. On the other hand, the trading volumes have also shot up by a staggering 2000% to $284 million.

Universal Market Access is a prominent entity in the blockchain sector, specializing in oracle solutions. It positions itself as a decentralized truth network dedicated to recording and validating data on the blockchain.

DeFi Llama ranks UMA as the 9th largest Oracle network globally, trailing behind major players such as Chainlink, Chronicle, WINKLink, Pyth, and Binance Oracle.

One of the major reasons behind the UMA price rally is strong network growth. As per Dune Analytics, both UMA and oSnaps have experienced a surge in their Total Value Secured (TVS), reaching an all-time high of over $774 million.

This increase in TVS coincided with a growing number of companies joining the UMA network. Index Coop, a firm specializing in decentralized structured products, recently joined the network, marking its presence. B Protocol, a DeFi economic mitigation hub, is another recent addition to the UMA network.

Bullish Momentum with Upcoming Oval Launch

As the highly anticipated Oval launch of the Universal Market Access protocol approaches next week, the cryptocurrency is experiencing a notable surge. Developers, in a recent tweet, expressed confidence that the upcoming service would play a crucial role in mitigating risks within the decentralized finance (DeFi) industry, specifically addressing the challenge of maximal extractable value (MEV).

According to data from Coinglass, UMA’s total futures open interest has skyrocketed to a record-high of $47 million, signaling a robust demand for the token in the futures market.

Despite the inherent volatility of the cryptocurrency market, UMA is poised to maintain a stable trajectory. Market analysts are predicting a minimum trading price of $7.54 and an average trading price around $9.43.

Looking ahead, the Universal Market Access protocol is gearing up for a transformative year in 2024. Industry experts are optimistic about a substantial increase in UMA’s value, with projections potentially surpassing the $11.96 mark. This positive outlook is attributed to its expanding partnerships and innovative initiatives within the dynamic crypto space.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Bhushan is a seasoned crypto writer with over eight years of experience spanning more than 10,000 contributions across multiple platforms like CoinGape, CoinSpeaker, Bitcoinist, Crypto News Flash, and others. Being a Fintech enthusiast, he loves reporting across Crypto, Blockchain, DeFi, Global Macros with a keen understanding in financial markets. 

He is committed to continuous learning and stays motivated by sharing the knowledge he acquires. In his free time, Bhushan enjoys reading thriller fiction novels and occasionally explores his culinary skills. Bhushan has a bachelors degree in electronics engineering, however, his interest in finance and economics drives him to crypto and blockchain.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.