- Transaction costs on Uniswap rose to a six-month high in November.
- UNI accumulation has persisted among coin traders.
Leading decentralized exchange (DEX) Uniswap [UNI] ended November at the highest monthly cost since May, according to data from DefiLlama.
Information from the data provider showed that the DEX generated more than $55 million in protocol fees in November, surpassing May’s $68 million by 21%.
Source: DefiLlama
A monthly review found that November’s figure represented a 41% increase from the $32 million Uniswap recorded in transaction fees in October.
Uniswap saw increased usage
Transaction fees on Uniswap rose to a multi-month high in November as the 30-day period was marked by a surge in trading activity on the platform.
AMBCrypto found that the number of active users on the DEX totaled 1.3 million in that month, reaching the highest level since June.
As the number of users increased, the trading volume on the protocol also grew slightly.
In November, the total trading volume on Uniswap was $41 billion. This was a 64% increase from October’s $25 million and the highest since March.
UNI bulls maintain momentum
Although the altcoin traded within a tight range in the last two weeks of November, its price rose by more than 40% in the past month.
The continued limited price movement in UNI prices reflects general market sentiment. Traders have largely refrained from making large trades.
As profit-taking activity gathers pace, UNI’s accumulation in the spot market continues. The token’s Relative Strength Index (RSI) and Money Flow Index (MFI) were 58.91 and 70.07, respectively.
At these values, these indicators showed that UNI traders have maintained their preference for token accumulation.
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Measurements of the moving average convergence/divergence indicator showed the MACD line resting above the trend line. This indicated the existence of a bullish trend in the UNI market.
On the token’s futures market, open interest is currently at a year-to-date high of $102 million, data from Mint glass showed. In November, UNI’s open interest rose 43%.
Source: Coinglass