Unicorn Token surges from $0.0009 to $5.28, then slumps.

A frenzy around the launch of the governance token of the leading decentralized exchange Uniswap sparked interest in coins with similar names. One of them — Unicorn Token — surged in price by more than 60,000 times, before crashing back to its original levels.

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The situation resembles what happened at the start of September—a Pump & Dump of SushiSwap ‘meme clones’ — HOTDOG, PIZZA and KIMCHI.

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In the Unicorn case, extreme volatility arose in the project’s token, which has existed since August 2019. It is listed on the ProBit and CITEX exchanges, and carries the same ticker as Uniswap’s native token — UNI.

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Unicorn Token price dynamics. Data: CoinGecko.

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CoinMarketCap, under ticker UNI, also lists UNI COIN and Universe, ranking 272nd and 1,495th by market capitalization, respectively. The effect of the native Uniswap token’s appearance manifested only in Universe and was not as pronounced.

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Universe price dynamics. Data: CoinMarketCap.

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The hype around the UNI release could also have affected the Unisocks (SOCKS) token. In the last 24 hours, the asset has risen 129.7% in price. The rise began after news about the Uniswap governance token surfaced.

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Unisocks price dynamics. Data: CoinGecko.

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On 17 September, Uniswap released the UNI governance token. An hour later it appeared on the Binance exchange. After another five hours, similarly, Coinbase Pro reacted, triggering the so-called ‘Coinbase effect’.

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