UNI defies price dump predictions, emerges as top 20 DeFi token
The token, which was airdropped to past Uniswap users in batches of 400 per wallet without warning yesterday, has defied predictions that the market would crash from its initial pricing of $3 as the 75,235 users who have claimed so far raced to dump their free coins. UNI, the governance token of the decentralized exchange (DEX) Uniswap, has emerged from its first 24-hours of trading as a top-65 ranked crypto asset by market cap.
With CoinGecko estimating that 70 million tokens are in circulation from Uniswap’s one billion max supply, the token’s current valuation would give UNI a fully diluted market cap of $3.34 billion. CoinGecko ranks Uniswap as the 16th-largest DeFi token by capitalization, sitting below Kyber Network (KNC) and above Balancer (BAL).