Uniswap's UNI token stagnated in the aftermath of rebounding from lows of $ 3.75. Shortly after the announcement, the token received listings on a variety of exchanges including Coinbase, Binance, and others.
Some trading platforms like FTX have even listed perpetual swaps for the token, with the trading frenzy surrounding its launch bringing the price down from lows of $ 1.00 to highs of $ 8.50.
These highs were only reached for a brief moment as the price of the token subsequently plunged into the $ 3.00 region.
UNI is likely to see continued growth in its liquidity as it has just been listed on Gemini.
Now as to what might come next for Uniswap's governance token, many investors are now waiting for revelations regarding V3 of the platform before increasing their exposure.
Regardless of when V3 of the decentralized exchange starts, UNI could be prepared for a short-term upward trend on a broad front due to the extremely negative financing rates.
Uniswaps UNI Token Garners Gemini Listing
Uniswap's UNI token is one of the few cryptocurrencies that has been listed on several major exchanges within an hour of being launched.
Coinbase, Binance, FTX and other platforms added spot trading or perpetual futures trading to the token, which fueled the fire and contributed to a price rally of up to $ 8.50 – an increase of over 900% from post lows Begin.
Gemini announced today that they too support the token, so it is now available to retail crypto investors regardless of which exchange they use.
What could be next for UNI?
The next milestone events that could help boost the Uniswap token price action are the implementation of fee distributions to token holders – which must be voted on – as well as the possible upcoming release of Uniswap V3.
The third version of the platform allows users to access a host of new features and could stimulate further adoption of the platform.
In the short term, one technical trend that could allow UNI to grow is the negative funding rates for their perpetual swaps. A trader stated:
"Look, I can't look to the future, so IDK, whether UNI is going to pump or not. But if you leverage this short circuit then you're batshit crazy. That's for sure."
Image courtesy of the Byzantine general.
Since traders are not prevented from closing the cryptocurrency, this could put pressure on the buyer side.
Featured image from Unsplash.