Uniswap (UNI) back above $7: Santiment's level holds after the address surge

Uniswap (UNI) is trading above $7 again, and so above the very level that analytics firm Santiment called decisive after the latest surge in new addresses. On Wednesday morning one UNI cost $7.37 according to Coinpaprika (as of 7:50 a.m. CET), up 4.4 percent on the previous day. The question behind the price: are the many new addresses of the past week new investors, or just tokens moving back and forth between wallets and exchanges?

Santiment counted 13,137 new UNI addresses on a single day at the end of October, the highest figure since September 2020. As BeInCrypto reported on October 29, the number of daily active addresses rose at the same time to 14,591, the highest in a year. This article puts the figure in context, sets it against the protocol's trading data and shows which price levels now matter.

Uniswap price at $7.37: the week in numbers

Over the week UNI is up 2.8 percent according to Coinpaprika, but down 17.6 percent over 30 days. In euro terms the token cost €6.57 on the Kraken exchange on Wednesday morning. Market capitalisation stands at around $4.47 billion.

The week had one single, violent swing. On the afternoon of October 29 UNI hit its weekly high of $7.51 on Kraken; a few hours later the low was $6.25. That is a fall of 16.8 percent within one trading day. The trigger was the sale of altcoins from the Binance attack: according to data from analytics service Lookonchain, the attacker dumped 7.02 million UNI, as cryptoticker.io reported on October 30. By the following day UNI had already closed at $7.13 again, and since then the price has moved between $7.07 and $7.21 on a daily closing basis.

Uniswap is a long way from its all-time high. The token reached its record of $45.01 on May 3, 2021, according to Coinpaprika; today's price is 83.6 percent below that.

Santiment data: 13,137 new UNI addresses in one day

With its network growth metric, Santiment measures how many addresses interact with a token for the first time. An address is the public identifier of a wallet on the blockchain, comparable to an account number but with no name attached. The spike at the end of October was the strongest since autumn 2020, when Uniswap distributed the token by airdrop to earlier users of the exchange.

A second metric supports the finding. Daily active addresses count every wallet that sends or receives UNI on a given day, whether new or not. At 14,591, this figure was as high as it had been in a year, according to BeInCrypto. Santiment linked the rise to the protocol's latest features, including the Aggregator Hooks that Uniswap launched on October 22. With this extension Uniswap can also route orders through third-party liquidity pools.

The move had shown up a week earlier. On October 23, the news site Blockonomi reported, citing Santiment, that the number of newly created UNI wallets had reached its highest level since November 2022. Two data points within seven days show that this is not a single outlier.

Network growth versus price: why new addresses are not the same as new buyers

The metric has a limit that Santiment itself points out. It counts every wallet that sends or receives the UNI token. That includes transfers by exchanges spreading their holdings across new omnibus addresses, and investors moving their tokens to a second wallet. A single person can thus create several new addresses without buying a single additional token.

In the last week of October there was a special factor. The attacker behind the Binance incident spread the loot across numerous addresses and sold it on decentralised exchanges. Buyers of those tokens and intermediate stops in the laundering chain also appear in the statistics as new addresses. How large that share of the 13,137 addresses is cannot be read from the published data.

Santiment therefore attached a condition to the figure. If activity stays high and UNI holds $7 at the same time, a price of $8 comes within reach, the analytics firm said according to BeInCrypto. If UNI instead drops below $7 while activity fades, that would point to a short-lived flash in the pan. Santiment named a price of $7.50 as early evidence of more momentum. On the day of the report UNI traded at $6.98, just below the threshold. Today the price is above it.

Uniswap trading volume according to DefiLlama: $5.97 billion in one day

A second look goes to the protocol itself, because the UNI token and the Uniswap exchange are two different things. UNI is the governance token holders use to vote on the protocol's rules. The exchange is a set of smart contracts, self-executing programs on the blockchain, through which anyone can swap one token for another. Data portal DefiLlama shows daily how much is traded there.

In the seven days from October 22 to 28, Uniswap handled an average of $1.74 billion a day. On October 29, the day after the Binance attack, volume jumped to $5.97 billion, 3.4 times the average. On October 30 it was still $3.84 billion, after which it fell back to between $1.17 billion and $1.95 billion a day. In the seven days up to and including November 3 the total came to $18.4 billion, and $64.1 billion over the past 30 days.

cryptoticker.io compiled this analysis itself on November 4, 2026. It is based on DefiLlama's daily figures for trading volume, fees and token holder revenue, evaluated for the 13 days from October 22 to November 3, 2026.

The peak on October 29 coincides with the address surge. Traffic then returned to pre-attack levels, yet UNI still held the $7 mark.

Fees and burn: what reaches UNI holders

Since Uniswap flipped the fee switch, part of the trading fees no longer goes only to liquidity providers but into buying back and destroying UNI. This is called a burn: tokens are sent to an address from which nobody can move them again, and supply shrinks permanently.

According to DefiLlama, Uniswap generated fees of $24.2 million in the seven days to November 3. Of that, the portal attributes $2.8 million to token holders. On October 29 alone, fees were $9.6 million and $1.19 million went to holders, compared with $1.74 million and $0.19 million on an ordinary day such as November 2. Measured against a market capitalisation of $4.47 billion, the weekly return flow is small. But it grows with every day of heavy trading.

UNI price levels: $6.25 below, $7.50 and $8 above

The levels follow from the week's price action and from the thresholds that Santiment and a chart analyst have named publicly. All five are observation points, not price targets.

• $8.00: Within reach according to Santiment if UNI holds $7 and activity stays high.
• $7.50 to $7.51: Santiment's early evidence of more momentum, and also the weekly high of October 29 on Kraken.
• $7.00: The threshold Santiment calls decisive. The price is around 5 percent above it.
• $6.25: The weekly low on the evening of October 29, when selling from the Binance attack pushed the price down.
• $5.00: The line drawn by analyst DonWedge. In his post of October 26, according to BeInCrypto, he sees a long-term support zone between $5 and $6.60 and considers a target of $18 achievable as long as UNI does not close a week below $5.

Both views stand side by side. In favour of the optimistic one: UNI recovered from the wave of selling after the Binance attack within a day. Against it: the distance to the high. Over 30 days UNI has lost 17.6 percent, and the $18 target is the view of a single analyst.

Buying UNI in Germany: MiCA exchange or decentralised swap

There are two ways to buy. The first runs through a crypto exchange or broker licensed under the European MiCA regulation. MiCA stands for Markets in Crypto-Assets and has governed since the end of 2024 who may sell and hold crypto assets for euros in the EU. In Germany, BaFin grants this licence. The advantage: deposits by bank transfer, a contact person when problems arise and supervised custody.

The second way is Uniswap itself. If you already hold Ether or stablecoins in your own wallet, you can swap them for UNI directly there. A decentralised exchange carries no BaFin licence and has no customer service. On top come network fees and slippage, the gap between the displayed price and the price actually achieved on larger orders.

For custody, the holding period decides. If you only trade UNI briefly, you will often leave the tokens on the exchange. If you hold them for longer or want a say in votes on the protocol, you transfer them to your own wallet. A hardware wallet stores the private key offline on a small device. The recovery phrase of 12 or 24 words belongs on paper or metal, never in a photo or a cloud.

Holding period and tax: the rules for UNI gains in Germany

For tax purposes, crypto assets such as UNI count as private disposal transactions under Section 23 of the German Income Tax Act. If you sell UNI at a profit within one year of buying, the gain is taxed at your personal rate. After one year it is tax-free. If all private disposal gains in a year together stay below €1,000, no tax is due either; this is an exemption limit, not an allowance.

Important for Uniswap users: swapping one token for another also counts as a disposal. If you swap Ether for UNI on Uniswap, you are selling your Ether for tax purposes, and the one-year period starts again for the new UNI. Since January 2026, crypto exchanges in the EU have been recording their customers' transactions under the DAC8 directive, with reporting to the tax authorities from 2027. A clean record of all purchases, sales and swaps saves a lot of time when filling in your tax return.

UNI with leverage: what the October 29 swing would have cost

Many exchanges also offer UNI as a perpetual future, a futures contract with no expiry date that lets you bet on rising or falling prices. Leverage multiplies both gains and losses. If the price moves too far against the position, the exchange closes it by force; this is called liquidation, and most of the posted collateral is then lost.

October 29 shows how quickly that happens. From the weekly high of $7.51 to the low of $6.25, UNI fell 16.8 percent. At five times leverage this drop would have wiped out 84 percent of a long position's margin on paper; at ten times leverage the position would have been liquidated after a fall of around 10 percent. If you want to trade UNI derivatives, the comparison of perp DEX platforms sets out fees, leverage limits and the differences from centralised exchanges.

Uniswap price: Santiment sees the first proof from $7.50

The address surge is documented; its substance is not yet. Whether 13,137 new addresses turn into lasting demand will be shown by daily active addresses in the coming days and a price above $7.50. Three steps help you assess the situation yourself:

1. Choose how to buy: Check whether your exchange holds a MiCA licence and lists UNI. You will find an overview in the comparison of regulated crypto exchanges.
2. Sort out custody: If you hold UNI for more than a few weeks, a wallet of your own is worth it. The hardware wallet comparison shows which devices support UNI.
3. Document for tax: Note the date and price of every UNI purchase and every swap on Uniswap so you keep track of the one-year period. The crypto tax tools and portfolio trackers can help.

(As of November 4, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)