DeFi’s Hottest New Token Uniswap Plunges 12.5% After Parabolic Rally
Uniswap, an Ethereum-based decentralized exchange, shocked the crypto market when it released its own token this week. The coin, released to all historical users of the platform, underwent a parabolic rally after its release. The coin gained around 600% from the all-time lows around $1.20 to the highs. Uniswap’s UNI has since faced a strong rejection, resulting in a 30% drop from thie highs. In the past 24 hours alone, the Ethereum-based coin is down […]
https://bitcoinist.com/defis-hottest-new-token-uniswap-plunges-12-5-after-parabolic-rally/?utm_source=rss&utm_medium=rss&utm_campaign=defis-hottest-new-token-uniswap-plunges-12-5-after-parabolic-rally
Hello,
Since it is still in a waning phase, do you think it can be a good investment?
Can it really grow to $ 10?
I have read that many traders have confused crypto with another, could this be the reason why it dropped?
Are there any news?
Hi @tost, I do think that UNI can go higher and become a 10B to 100B marketcap coin at some point, but that is going to take a lot of years of product/service development and a lot more liquidity pouring in into the crypto DeFi scene.
The wisest thing for now seems to be farming them and selling in order to increase the stake in the LP tokens. Also, the 50%-90% APY offered on the UNI issuance is a bit too low for the risk taken, since it is done in 50/50 pools with high impermanent loss potential. Check out this yield farming pool and compare the APY rates for yourself. They are fairly established and have great pools/rewards.
*NOT FINANCIAL ADVICE *DYOR