Native Uniswap token enters the top 50 assets by market capitalization

After listing on leading centralized platforms, the Uniswap decentralized exchange’s native token rose by 75% to $5.28. With a market cap of $457 million, UNI ranked 42nd in CoinGecko’s rating.

UNI/USD rate. Data: CoinGecko.

Amid the price surge of the Uniswap native token, UNI reclaimed first place by total value locked in the segment. According to DeFi Pulse, the leading DEX’s 24-hour TVL jumped 80% to $1.43 billion.

The excitement surrounding the UNI launch led to a new record for the daily number of Ethereum network transactions. According to Etherscan, on September 17 this figure reached 1.406 million. The previous maximum of 1.35 million was set on January 4, 2018.

Number of Ethereum network transactions. Data: Etherscan.

An hour after the launch, UNI appeared on Binance’s exchange listing. Five hours later, a similar reaction followed from Coinbase Pro, giving rise to the so-called ‘Coinbase Effect’.

As of now, UNI has been listed on 12 exchanges in 40 trading pairs. According to CoinGecko, the token’s trading volume over the last 24 hours stood at $2.89 billion, trailing only Tether, Bitcoin and Ethereum.

Top-5 assets by trading volume. Data: CoinGecko.

By market capitalization, UNI ranked 11th in the DeFi segment.

According to some users, UNI’s gains may continue. Supporting this view is a large retail audience (82.4 thousand traders over the last seven days, according to Dune Analytics) and the affordable price for ordinary market participants.

I think UNI is the first DeFi token likely to begin to approach a fair value soon.

1) It’s cheap, so retail can / will FOMO in
2) Easy to understand / a lot of retail has used it already
3) Lots of retail has some now
4) Huge community
5) Easy comparison vs. Coinbase IPO ~$50 B

— HuntingIsland ⟠ ‘ETH is programmable money’ (@IslandHunting) September 17, 2020

The rise in UNI’s price halted the negative momentum of the SushiSwap governance token. Its price over the last 24 hours rose by 27%, trimming the two-week decline to 64.6%.

The SushiSwap administrator became the owner of 138,000 UNI in the airdrop.

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