NewsletterUniswap’s UNI Token Shoots to $30 With Exchange Supply Declining
While Bitcoin (BTC) and Ethereum (ETH) continue to grab all the limelight, Uniswap’s native token UNI is showing the strongest move among the top ten cryptocurrencies.
The UNI price has surged more than 10% in the last 24 hours making its way to $30. At press time, UNI is trading at $29.01 with a market cap of $16.9 billion. The UNI price has surged more than 30% in the last seven days. This happens as the amount of UNI held at the exchange wallets has been on a decline.
On the other hand, the most number of UNI’s are currently in Uniswap’s own decentralized exchange (DEX). For the last three months, 82% of the addresses on Uniswap hold more than 96% of the UNI token supply.
Binance to Perform A Reverse Token Split
On Monday, August 9, crypto exchange Uniswap announced that it will be performing a reverse token split for Uniswap. As explained by Binance:
A reverse token split is a process that consolidates the existing number of issued tokens into a smaller number of proportionally more valuable tokens.
The reverse token split for UNIDOWN will happen in the ratio of 100,000:1. This will happen next week on August 17 as Binance will suspend “trading, subscription, and redemption” of the UNIDOWN tokens for some time. Binance said that this will help to provide a better trading experience for the users.
Uniswap is one of the largest decentralized exchanges (DEXs) for crypto trading. Recently, the platform initiated a few clean-up measures amid the growing regulatory scrutiny. Last month, Uniswap stopped the trading of crypto tokens on its trading app.
This comes amid the growing crackdown by global regulators on exchange operators. A similar measure has been initiated by other popular trading platforms like Binance.
Uniswap is among the top-performing cryptocurrencies for 2021. The UNI price has surged 5.5x since the beginning of 2021 marking over 450% gains year-to-date.
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