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