Uniswap's UNI Token Collapses 25 Percent as Exuberance Reaches Unprecedented Levels

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Fri, 09/18/2020 - 19:58
Alex Dovbnya
Uniswap's rally hits a snag after more than a 150 percent increase
Uniswap's UNI Token Collapses 25 Percent as Exuberance Reaches Unprecedented Levels
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Uniswap (UNI), the native token of the eponymous automated market maker, has corrected more than 26 percent within the last hour on the Binance exchange. 

This came right after the token surged over 156 percent in just one day following multiple listings on major crypto trading platforms. 

Uniswap
Image by tradingview.com

UNI hits a local top 

As reported by U.Today, Uniswap launched its native token on Sept. 17, airdropping 400 UNI to every user who interacted with the platform prior to the start of the month.

It got added by Binance, FTX, and even Coinbase, the leading U.S. exchange with conservative listing policies, within just one day.

Those who never traded on the high-flying DEX frantically rushed to exchanges in droves to capitalize on the hype surrounding the newly launched token. Some even ended up choosing the wrong UNI token.  

Eventually, it hit a new high of $8.61 at 18:07 UTC on the Binance exchange, meaning that those who hold onto their free UNI tokens had a whopping $3,444.

Proof of Talent founder Rob Paone, aka Crypto Bobby, joked about picking up the Jeep Grand Cherokee on Twitter:

“Local UNI top was me heading over to Jeep dot com to pick out a new Grand Cherokee at $8.50.”

Earlier today, some liquidity provider claimed $13 mln worth of UNI at the time of the transactions. 

Due to this enormous exuberance surrounding the token, Uniswap once again became the number one DeFi application on Sept. 18.   

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Other DeFi tokens see gains 

Notably, YFI, the native token of yearn.finance protocol, surged in the middle of UNI’s drop. 

Other DeFi tokens have also recorded moderate tokens. SushiSwap (SUSHI) is up more than 15 percent over the past 24 hours, according to CoinMarketCap data.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.