While Bitcoin (BTC) and Ethereum (ETH) continue to dominate the headlines, Uniswap’s native token UNI is performing the best of the top ten cryptocurrencies.
The UNI price has risen by more than 10% in the last 24 hours, reaching $30. At the time of writing, UNI was trading at $29.01, with a market cap of $16.9 billion. In the last seven days, the UNI price has increased by more than 30%. This is due to a decrease in the amount of UNI held in exchange wallets.
The majority of UNIs, on the other hand, are currently in Uniswap’s own decentralized exchange (DEX). 82 percent of the addresses on Uniswap have held more than 96 percent of the UNI token supply over the last three months.
Binance to Perform a Reverse Token Split
Uniswap, a crypto exchange, announced on Monday, August 9, that it will perform a reverse token split for Uniswap. A reverse token split, as defined by Binance, is a process that consolidates the existing number of issued tokens into a smaller number of proportionally more valuable tokens.
The reverse token split for UNIDOWN will take place at a 100,000:1 ratio. This will happen next week, on August 17, when Binance will temporarily halt the “trading, subscription, and redemption” of the UNIDOWN tokens. According to Binance, this will help to provide users with a better trading experience.
Uniswap is one of the most popular decentralized exchanges (DEXs) for cryptocurrency trading. In response to increased regulatory scrutiny, the platform recently implemented a few clean-up measures. Uniswap stopped trading crypto tokens on its trading app last month.
This comes as global regulators tighten their grip on exchange operators. Other popular trading platforms, such as Binance, have implemented a similar measure.
Uniswap is one of the best-performing cryptocurrencies in 2021. Since the beginning of 2021, the UNI price has increased 5.5x, representing over 450 percent year-to-date gains.