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UMA Price Prediction 2024: How is UMA Coping Post-Oval?

Last Updated March 18, 2024 12:21 PM
Peter Henn
Last Updated March 18, 2024 12:21 PM

Key Takeaways

  • UMA has skyrocketed in recent days.
  • The recent price activity comes after the announcement of it.
  • Can UMA build on its recent success?
  • One UMA price prediction says the token can reach $10.13 in 2025.

The UMA crypto shot up in January 2023. The token climbed substantially after it was revealed its total value staked (TVS) reached record levels. This was particularly good news ahead of its Oval update, which took place in late January. After that, though, UMA stalled and dropped down somewhat. 

UMA did not immediately respond to a request for comment.

On March 18, 2024, UMA was worth about $4.10.

But what is UMA (UMA)? How does UMA work? Let’s see what we can find out, and also take a look at some of the UMA Price Predictions that were being made as of March 18, 2024.

UMA Price Prediction

Let’s examine some of the UMA price predictions being made on March 18, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $8.20 $10.13 $30.44
Prediction #2 $7.57 $10 $25.01
Prediction #3 $5.99 $8.71 $58.59

CoinCodex  made a short-term UMA price prediction that said it would hit $5.38 by March 23 before shooting to $13.59 by April 17. The site’s technical analysis was neutral, with 16 indicators sending bullish signals and 12 making bearish ones. 

UMA Price Prediction for 2024

DigitalCoinPrice  said UMA could reach $8.20 this year, while CaptainAltCoin  said it would be worth $7.57 in December. PricePrediction.net  said it would trade at $5.99 in 2024.

UMA Price Prediction for 2025

DigitalCoinPrice’s UMA price forecast said the token would be worth $10.13 in 2025. CaptainAltCoin had it worth $10 then. PricePrediction.net thought UMA would reach $8.71 next year. 

UMA Price Prediction for 2030

Looking at a more long-term UMA price prediction, DigitalCoinPrice said it would be worth $30.44 in 2030. CaptainAltCoin thought it would reach $25.01 then. PricePrediction.net said UMA would trade at $58.59 at the start of the next decade. 

Google Gemini AI Price Prediction for UMA (as of March 18)

Google’s Gemini AI platform declined to give an UMA price prediction on March 18 2024. It said: “I’m still learning how to answer this question. In the meantime, try Google Search.”

Recent Updates from UMA

UMA caused something of a stir on social media when it announced it would have a new update, called Oval . However, a large part of the discussion was down to UMA not actually saying what Oval was. Once it was revealed that Oval was a Maximal extractable value (MEV) protocol, the price cooled off somewhat.

UMA Price History

Now, let’s examine some of the highlights and lowlights of the UMA price history . While we should never take past performance as an indicator of future results, knowing what the token has achieved can provide us with some very useful context if we want to make or interpret a UMA price prediction.

UMA had its public launch in May 2020, and it was worth about $1.16 then. By early September, it was worth $24.99, but it then dropped to spend much of the rest of the year hovering between $7 and $9. 

Early 2021 saw the crypto market enter a boom phase. UMA responded well, reaching an all-time high of $43.37 on February 4. It then, perhaps inevitably, slid down over the rest of the year, closing 2021 at $8.93.

2022 was a disastrous year for cryptocurrency, and UMA was no exception to the rule. The collapse of the Terra (LUNA) blockchain in May and the bankruptcy of the FTX (FTT) exchange in November took their toll. The token closed the year at $1.49, representing an annual loss of nearly 85%.

UMA in 2023 and 2024

UMA Price History
UMA shot up in January 2024 but then slid down | Credit: CoinMarketCap

2023 was a rather mixed bag for UMA. The year started well, with the token breaking past $2 in February and spiking past $3 in May. When the United States Securities and Exchange Commission (SEC) sued the Binance and Coinbase exchanges in June, the market collapsed. By June 10, after Crypto.com (CRO) announced it was suspending its American institutional operations, UMA dropped to $1.39. 

The token rallied over the following weeks, reaching a peak of $1.81 on July 28. August’s news that Elon Musk’s SpaceX had sold millions of dollars worth of Bitcoin (BTC) tanked the market and, by October 12, UMA was worth just $1.24. It was still worth $1.30 at the start of October 16, but it shot up 35% to reach $1.76 later that day. By October 17, though, UMA was worth about $1.45. 

A bouyant market then helped UMA reach $2.48 on December 27 before it closed the year at $2.22. This represented an annual rise of nearly 50%.

In the new year, UMA shot up on January 19, reaching $6.39. By January 22, it was worth about $5.05. There was a gradual further decline and, on March 18 2024, UMA was trading at about $4.10.

At that time, there were 78.6 million UMA in circulation out of a total supply of 118.4 million. This gave the token a market cap of around $386 million, making it the 235th-largest crypto by that metric.

Is UMA a Good Investment?

It is hard to say. The token performed well at the start of 2024, but has fallen since then.

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in UMA.

Will UMA go up or down?

No one can tell right now. While the UMA crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in UMA?

Before you decide whether or not to invest in UMA, you will have to do your research, not only on UMA but on other coins and tokens such as Moonbeam (GLMR) or 1INCH. Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who are the Founders of UMA?

Former Goldman Sachs traders Allison Lu and Hart Lambur founded UMA, which is based on the Ethereum (ETH) blockchain, in 2018. 

Who Owns the Most UMA?

On March 18, 2024, one wallet held nearly 30% of UMA’s supply.

Richest UMA Wallet Addresses

As of March 18, 2024, the addresses with the most UMA were

  • 0x7b292034084a41b9d441b71b6e3557edd0463fa8. This wallet held 34,728,500 UMA, or 29.33% of the supply.
  • 0x004395edb43efca9885cedad51ec9faf93bd34ac. This wallet held 24,364,349 UMA, or 20.58% of the supply.
  • 0x8bd16de8938a2ad16794ac7e7502896f156e370c. This wallet held 6,175,286 UMA, or 5.22% of the supply.
  • 0xc19b1ac01eb8c9d75b996b030110353c8f09d1af. This wallet held 5,550,860 UMA, or 4.69% of the supply.
  • 0x61d62b3d530ab8174dbfade1675d856c5c5c9fcd. This wallet held 5,424,859 UMA, or 4.58% of the supply.

Fact Box

Supply and distribution Figures
Total supply 118,411,961
Circulating supply (as of March 18, 2024) 78,688,958 (66.45% of total supply)
Holder distribution Top 10 holders owned 76.11% of total supply as of March 18, 2024

UMA (UMA) Explained

UMA  is a decentralized finance (DeFi) platform that allows people to create synthetic assets using the Ethereum blockchain. Synthetic assets are similar to derivatives, meaning that they aim to achieve the same objectives owning an asset would achieve, without having to hold the actual asset itself.

Former Goldman Sachs traders Allison Lu and Hart Lambur founded UMA, which is based on the Ethereum (ETH) blockchain, in 2018. 

The UMA token supports the UMA network.

How UMA Works

The UMA platform uses smart contracts, and computer programs that automatically execute once certain conditions are met. These contracts allow people to create synthetic assets, and they can also be used to settle disputes in the system. 

UMA holders can vote on changes to the network. People can also buy, sell, and trade UMA on exchanges. 

UMA Attention Tracker

UMA Google Search Volume
UMA Google search volume | Credit: Google

Here is a chart for UMA Google search volume for the past 90 days. This represents how many times the term “UMA” has been Googled over the previous 90 days.

FAQs 

How many UMA are there?

On March 18, 2024, there were 78.6 million UMA in circulation out of a total supply of 118.4 million

Will UMA reach $100?

It might do, but not for a while. PricePrediction.net says it will get there by 2032.

 

What is UMA used for?

UMA token holders can vote on changes to the UMA network. People can also buy, sell, and trade UMA on exchanges. 

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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