The launch of the Uniswap UNI governance token has entered the cryptocurrency market in full swing. Those who received the airdrop as loyal Uniswap users before September 1st redeemed it immediately on the market.
Some have resisted. UNI was then listed on Coinbase Pro and Binance, and its price skyrocketed. It now ranks 10nd on the ranking of the world's leading cryptocurrencies, according to CoinGecko. But could it enter the top XNUMX?
High volatility for the UNI Token price
UNI's listing on Coinbase and Binance led to a huge surge in the token price. UNI was up 300% from $ 1 to $ 4 before dropping to lower levels of $ 2 later in the day.
Then the token went crazy and reached a high of just $ 9 before returning to where it is currently trading at around $ 6,7. But the explosive price action has generated tremendous excitement among traders and DeFi fans calling for UNI to enter the top 10.
Such is the frenzy that users have started buying ETH - here there quotation in real time - to be able to exchange them with UNI despite the increase in commission prices on the Ethereum network.
Can the Uniswap governance token enter the Top 10?
Since launch, and after a period of very volatile trading activity, Uniswap's governance token is already in position 32 in the ranking of the most quoted cryptocurrencies, according to data from CoinGecko. Uniswap is currently the best DeFi project, according to DeFi Pulse.
And it has $ 1,8 billion USD worth of assets anchored in the DEXs. An increase of 90% in the last 24 hours. UNI has a market capitalization of $ 720 million and manages a daily trading volume of $ 4,5 billion.
A little unusual for such a low-ranking digital asset. But according to Hopium's optimistic predictions on Twitter, the token will actually be a “unicorn” cryptocurrency with its entry into the top 10.
And there may be some truth to such a claim. The coin is currently trading for $ 6,7. It is good to remember that Coinbase has a shareholding in the parent company of Uniswap Universal Navigation Inc and also holds a sufficient number of UNI tokens, as mentioned in the official Uniswap channel.
This lends a certain amount of legitimacy to the decentralized token exchange protocol. According to CoinGecko, at current prices, UNI would have a "fully diluted valuation" of over $ 6,5 billion. It would be enough to comfortably place it among the top 10 cryptocurrencies.
