Sep 21, 2020 15:17 UTC
Sep 21, 2020 at 17:54 UTC
35% From Top UNI Prices Falls : It Can Fall More.
DeFi tokens could go from zero to hero then back to zero pretty quickly with this current pump and dump market mentality. Uniswap’s extremely anticipated UNI token hasn’t done that specifically however it’s lost loads since its weekend high.
When Uniswap’s long-anticipated UNI token and liquidity pools were proclaimed last week, the resultant manic disorder drove token prices sky-high whereas having an identical effect on Ethereum transaction prices.
UNI Prices Slump 35%
The Uniswap token surged to an uncomparable high of $8.50 on September 18, according to Tradingview.com. As several different DeFi flavoured tokens have done, it went from zero to hero in less than a day. Variety of major exchanges like Binance, OKEx, Huobi, and Coinbase listed the token inside hours of its launch, and a few of them quickly launched leveraged futures product.
One hundred fifty million tokens were airdropped to people who had provided liquidity on the protocol before September 1 and people that had purchased limited edition socks through Uniswap.
The DeFi whales rejoiced, and loads of those tokens are sold that has resulted in the 35% price collapse.
At the time of writing, UNI was commercialism at $5.50 following a fall to $4.70 on Sunday. It does appear to have settled into a sideways channel for the past couple of days though.
Margin and options trader ‘Chase_NL’ has been delving into the charts and is ready to short, eyeing a potential bottom of $3.80.
Liquidity Pools Growing
Liquidity suppliers have continued to feature their crypto collateral to the four Uniswap pools over the weekend with the amount deposited presently totalling $1.5 million.
The ETH/WBTC pool is that the preferred 30% of that total, or $463k in collateral deposited. ETH/USDT has over $400k in it whereas the remaining 2 pools, ETH/USDC and ETH/DAI have $368k and $315k respectively.
UNI farming can continue till November 17. However, the larger these pools grow, the fewer tokens there are per suppliers as the distribution becomes more diluted.
The initiative has propelled Uniswap back to the highest of the DeFi charts as its total value locked approaches an all-time high of $2 billion according to Defipulse.com. The DEX presently contains a market share of around 20% as TVL across all DeFi protocols climbs ever higher and has almost reached the $10 billion milestones.