Cryptocurrencies

Uniswap’s Newly Launched UNI Token Has Already Doubled in Price

UNI 24h price action (CoinGecko)

Uniswap’s UNI token may be only two days old, but its price has already risen by around 100%.

  • Data from CoinGecko shows the UNI token price has surged from just under $2.80 to a high of $5.80 in the past 24 hours.
  • The so-called governance token’s market cap is now over $430 million, which makes it the 39th largest cryptocurrency in the space on CoinGecko’s rankings.
  • The token started Thursday morning with a total value of approximately $50 million, meaning it’s seen a near nine-fold increase in the past 36 hours or so.
  • UNI is trading around $5.48 at press time.
  • Uniswap only unveiled its new token, which will be used to power on-chain governance, late on Wednesday but it has quickly gained traction.
  • Coinbase – an exchange that’s usually picky about the assets it lists – added UNI to its Pro trading platform just hours after the launch.
  • The project plans to issue all one billion UNI tokens to the community, founder and the team over the next four years.
  • Further, the project gave away a minimum of 400 UNI to anyone who had used Uniswap prior to September – an amount now worth over $2,000.
  • Should UNI continue at its present trajectory it could soon take over from decentralized lender Compound’s COMP token – currently with a $540 million cap – which itself experienced a major price hike back in late June.
  • Uniswap is already the number one DeFi project by crypto locked in, according to DeFi Pulse.
  • Its $1.47 billion locked is nearly triple that of rival decentralized trading protocol, SushiSwap

See also: Uniswap’s Distribution Is Built on Something That Can’t Be Forked: Actual Users

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