Ever since Uniswap introduced its UNI token, expectations were quite high. Several months down the line, the token is no longer that valuable. In fact, its value is a continuous decline, with no real recovery in sight.
UNI Price Keeps Dropping
It is not uncommon for alternative assets to lose value when Bitcoin is on an absolute tear. In fact, most altcoins are best avoided altogether for now, and perhaps even better, altogether. Uniswap’s UNI token is a bit of a different creature in this regard. It gives users governance power on the Uniswap platform, even though the first vote didn’t exactly play out according to plan.
Despite the potential use of this token, it was still airdropped to thousands of people free of charge. While its initial value seemed to hover between $3 and $4, that is no longer the case today. Even the all-time high of $8.40 – which was reached just two months ago – seems well out of reach today.
The same cannot be said for the UNI all-time low, though. The token noted a steep drop to $1.03 on September 17. Judging by the current market momentum, reaching that ATL is not out of the question. At the time of writing, UNI has a value of $1.8. This is a continuation of the ongoing downtrend that has been in place for quite some time now.
More specifically, the UNI price has been bearish for weeks. In the past 30 days, its value decreased by 45.9%. A clear indication that this token has had a good run for speculators, but they are moving on to greener pastures. Now is the time to find the true value of this asset. It can be multiple dollars, or just a few cents. No one knows for sure how all of this will play out in the coming weeks and months.
Uniswap Volume Remains Intact
Going over the numbers pertaining to Uniswap itself, very little has changed in recent weeks. It remains the largest decentralized exchange by a landslide. Not just in terms of daily volume, but also the number of supported currencies and trading pairs. It also received the most web traffic of all DEXes. Surpassing this behemoth will prove challenging for any project attempt to do so.
According to DeFi Pulse, the total value locked in Uniswap is also on the rise. With roughly $2.7 billion in assets, the platform is well ahead of any other decentralized trading platform. So far, this has not proven to be bullish for the UNI token itself, though. A strong indication of how the token is not tied to the platform’s success in any meaningful way.
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