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.<\/p>\n
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?<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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