22% UniSwap (UNI) price drop doesn’t faze traders

Earlier today Yearn.finance (YFI) and Ether (ETH) rose sharply after Uniswap’s governance token UNI plunged 22% from $8.00 to $6.80. These traders might have thought that most holders of the 400 UNI tokens UniSwap airdropped to its users would want to cash in after their value reached $2,640.

Hsaka, a popular crypto-analyst on Twitter pointed out what he calls an inverse correlation between UNI and major DeFi tokens like YFI. While the sudden upsurge of UNI surprised many investors, some traders expected the governance token to rally.

Timeline of Ethereum, Uni-coin, Uniswap, Yearn-finance