UMA Price Surges 28% As Derivatives Traders Wager $130 Mln On Oval Update

UMA, one of the trending virtual currencies lately, has recorded gains of over 28% in the trading session today. Furthermore, the UMA price has skyrocketed more than 200% in just a week. Amid the recent bullish run, it has been ascertained that derivatives traders have invested a staggering $130 million in UMA as the open interest surged past 30% in the last 24 hours.

UMA derivatives data & Oval update

According to Coinglass stats, the UMA open interest is $130.16 million, indicating a 32.08% increase. Whilst, the derivatives trade volume for UMA spiked 32.55% to $3.01 billion. The surge in open interest comes ahead of the impending Oval update by UMA, which has created massive hype recently.

On the other hand, humongous liquidations were recorded in the past 24 hours. Total liquidations for UMA amounted to $5.83 million. Out of this, long positions accounted for $2.20 million liquidations while short positions led to a $3.63 million liquidation. Moreover, over $550,000 worth of positions were liquidated in the last hour.

The UMA Oval update is expected to provide a solution for safeguarding lending protocols from Maximal Extractable Value (MEV). However, detailed information regarding the upcoming MEV solution is currently not available. Whilst, the Oval update isn’t too far as UMA’s Co-Founder Hart Lambur recently hinted that the launch of this solution is expected within this week.

Also Read: This Coin Skyrocketed By 200% Over Last Week; Shall You Buy?

UMA price rally defies bearish market trends

During today’s bullish run, the UMA price soared to a 52-week high of $6.91, marking a significant milestone. It’s a notable achievement since the overall crypto market trend is highly bearish with Bitcoin extending below $39,000. On the contrary, UMA’s value surged as much as 28% on Tuesday, January 23. As of writing, the UMA price witnessed an increase of 26.25% to $6.33.

Whilst, the altcoin boasted a market cap of $480.66 million, up by 27.20%. In addition, the crypto’s 24-hour trading volume was recorded to be $413.90 million, indicating a substantial gain of 38.04%. Moreover, the UMA crypto has soared 192% in a month while the weekly returns stand at a whopping 211%.

On the other hand, UMA registered significant whale accumulation as well. According to Scopescan, a platform providing on-chain insights, a whale withdrew 95,000 UMA tokens worth $650,000 from Coinbase on Monday. In a post on X, Scopescan further noted that after this transaction the UMA price witnessed a 40% jump amid other whale activity.

Also Read: UMA Price Rallies With Unusual Funding Opportunities, Time To Long