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Uniswap's Newly Launched UNI Token Has Already Doubled in Price

Uniswap's new UNI token has surged from just under $2.80 to over $5.50 in the past 24 hours.

Sep 18, 2020 at 2:24 p.m. UTC
Updated Sep 14, 2021 at 9:57 a.m. UTC

Uniswap's UNI token may be only two days old, but its price has already risen by around 100%.

  • Data from CoinGecko shows the UNI token price has surged from just under $2.80 to a high of $5.80 in the past 24 hours.
  • The so-called governance token's market cap is now over $430 million, which makes it the 39th largest cryptocurrency in the space on CoinGecko's rankings.
  • The token started Thursday morning with a total value of approximately $50 million, meaning it's seen a near nine-fold increase in the past 36 hours or so.
  • UNI is trading around $5.48 at press time.

UNI 24h price action (CoinGecko)

  • Uniswap only unveiled its new token, which will be used to power on-chain governance, late on Wednesday but it has quickly gained traction.
  • Coinbase – an exchange that's usually picky about the assets it lists – added UNI to its Pro trading platform just hours after the launch.
  • The project plans to issue all one billion UNI tokens to the community, founder and the team over the next four years.
  • Further, the project gave away a minimum of 400 UNI to anyone who had used Uniswap prior to September – an amount now worth over $2,000.
  • Should UNI continue at its present trajectory it could soon take over from decentralized lender Compound's COMP token – currently with a $540 million cap – which itself experienced a major price hike back in late June.
  • Uniswap is already the number one DeFi project by crypto locked in, according to DeFi Pulse.
  • Its $1.47 billion locked is nearly triple that of rival decentralized trading protocol, SushiSwap

DISCLOSURE

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

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