Cloud Hosting

The launch of Uniswaps governance token UNI caught the cryptocurrency market left, right, and center. Some folks who received the airdrop for being a loyal Uniswap user before September 1, dumped it on the market to avail their free helicopter money. Some held on.

Nonetheless, UNI got listed on Coinbase Pro, Binance and its price shot through the roof. Its now on number 32 as per CoinGecko. But can it break into the top 10?

As reported by CryptoPotato, the listing of UNI on Coinbase and Binance led to a massive pump in the tokens price. UNI surged 300 percent from $1 to $4 before dropping to the lower $2 levels later in the day.

Then, the token went on a rampage and reached a high of just shy of $9 before retracing to where its currently trading at around $6.7.But the explosive price action has generated tremendous enthusiasm amongst traders and DeFi fans who are calling for UNIs break into the top 10.

So much is the frenzy that users were found to buy ETH to collect their UNI helicopter money despite surging gas prices on the Ethereum network.

Since the launch and a super volatile bout of trading activity, Uniswaps governance token is already a number 32 cryptocurrency according to data from CoinGecko.

Uniswap is currently the top DeFi project according to DeFi Pulse. And has assets with a total USD value worth $1.8 billion docked up in the DEX. An increment of 90 percent in the last 24 hours.

UNI has a $720 million market cap and is handling a $4.5 billion daily trading volume. Something which is unusual for a digital asset at such lower rankings. But according to hopium laced optimistic predictions on Twitter, the token will actually be a unicorn cryptocurrency with its entry in the top 10.

And actually there may be some substance in such a claim as out of a maximum supply of 1 billion, only around 106 million UNI tokens are in circulation. The coin is trading currently for a price of $6.7.

It must be taken into consideration that Coinbase has an equity stake in Uniswaps parent company Universal Navigation Inc and also holds a sufficient number of UNI tokens, as mentioned in their UNI token listing blog post.

This imparts a certain dose of legitimacy to the decentralized token swapping protocol. As per CoinGecko with current prices, UNI would have a fully diluted valuation of more than $6.5 billion. That would be enough to push it comfortably amongst the top 10 cryptocurrencies.

Enjoy reading? Please share:

Click here to start trading on BitMEX and receive 10% discount on fees for 6 months.

See the article here:
Opinion: Can Uniswaps UNI Break Into the Top 10 Cryptocurrency Token Rankings? - CryptoPotato