September 30, 2022

Uniswap’s UNI Token Shoots to $30 With Exchange Supply Declining

2 min read

UniswapUniswap

While Bitcoin (BTC)and Ethereum(ETH) continue to grab all the spotlight, Uniswap’s

native token UNI is showing the greatest move among the top ten cryptocurrencies. The UNI rate has actually risen more than 10 %in the last 24 hours making its method to$30. At press time, UNI is trading at$29.01 with a market cap of $16.9 billion. The UNI cost has actually surged more than 30% in the last 7 days. This occurs as the amount of UNI held at the exchange wallets has actually been on a decline.

Courtesy: CryptoQuant On the other hand, the most variety of UNI’s are currently in Uniswap’s own decentralized exchange(DEX ). For the last 3 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 discussed by Binance:

A reverse token split is a process that combines the existing variety of issued tokens into a smaller sized variety of proportionally better tokens.

The reverse token split for UNIDOWN will take place in the ratio of 100,000:1. This will occur next week on August 17 as Binance will suspend “trading, subscription, and redemption” of the UNIDOWN tokens for a long time. Binance stated that this will assist to offer a better trading experience for the users.

Uniswap is one of the largest decentralized exchanges (DEXs) for crypto trading. Recently, the platform started a few clean-up procedures in the middle of the growing regulative 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 procedure has actually been initiated by other popular trading platforms like Binance.

Uniswap is among the top-performing cryptocurrencies for 2021. The UNI rate has actually surged 5.5 x given that the beginning of 2021 marking over 450% gains year-to-date.

The post Uniswap’s UNI Token Shoots to $30 With Exchange Supply Declining appeared first on Coingape.