Another YFI in the DeFi Space
In the recent past, the crypto space has witnessed a governance token, YFI that rose with skyrocket speed from just $3 to more than $40000. The same has been expected with yet another governance token launched by Uniswap exchange, UNI.
The governance token was launched with a total supply of 1 billion out of which 170million is already in circulating supply. The Uniswap community was given an opportunity to claim UNI tokens for free, if they had used Uniswap exchange before September 01, 2020.
UNI A Stimulus Package for Crypto
Within hours of the launch, UNI token got listed on major exchanges like /status/1306448610368741377″>, Pro/status/1306477991770370048″> PRO, WazirX, Huobi, etc. The DeFi space which was running as slow as molasses got active yet again. However, this time the major exchanges which earlier lost YFI traffic on their platform, quickly listed UNI.
It is also expected that the UNI token cloud is a stimulus package for crypto as Uniswap could get tons of exposure and also multiply due to listing. Also, it could prove as a game-changer as everyday traders can now start their game as soon as a token gets listed on AMM.
Will UNI go to $10?
UNI token is currently trading at $2.98 with a gain of 62.67percent. However, it is expected to pump very soon that might take the price to the moon. The token had attained ATH at $4 but later had a slight pullback to the current levels.
Larry Cermark, Director of Research at The Block has specified that the current price swing is due to the buying pressure. As the AirDrop is still live, the price tends to fluctuate.
However, the prime focus would lie after the Airdrop goes offline. Collectively, UNI token had heated the DeFi and crypto space, wherein the centralized exchanges jumped into action without losing any traction. The next couple of days would be important for the coin as the token might face a dump if the traders do not hold it and sell off quickly.