Uniswap's Newly Launched UNI Token Has Already Doubled in Price

Uniswap's UNI token may be only two days old, but its price has already risen by around 100%.

• Data from CoinGecko shows the UNI token price has surged from just under $2.80 to a high of $5.80 in the past 24 hours.
• The so-called governance token's market cap is now over $430 million, which makes it the 39th largest cryptocurrency in the space on CoinGecko's rankings.
• The token started Thursday morning with a total value of approximately $50 million, meaning it's seen a near nine-fold increase in the past 36 hours or so.
• UNI is trading around $5.48 at press time.
• Uniswap only unveiled its new token, which will be used to power on-chain governance, late on Wednesday but it has quickly gained traction.
• Coinbase – an exchange that's usually picky about the assets it lists – added UNI to its Pro trading platform just hours after the launch.
• The project plans to issue all one billion UNI tokens to the community, founder and the team over the next four years.
• Further, the project gave away a minimum of 400 UNI to anyone who had used Uniswap prior to September – an amount now worth over $2,000.
• Should UNI continue at its present trajectory it could soon take over from decentralized lender Compound's COMP token – currently with a $540 million cap – which itself experienced a major price hike back in late June.
• Uniswap is already the number one DeFi project by crypto locked in, according to DeFi Pulse.
• Its $1.47 billion locked is nearly triple that of rival decentralized trading protocol, SushiSwap

See also: Uniswap’s Distribution Is Built on Something That Can’t Be Forked: Actual Users