Uniswap News FUD an Opportunity to Buy an Altcoin at Value?

UNI tokens for the Ethereum-powered decentralized crypto exchange went parabolic in price over a 34-day rally from Nov. 4 to Dec. 8, last year.

Since then, they’ve been falling in price, correcting over five months until this Thursday. For most of that time, UNI was moving in line with its currency peers by market cap.

The center of gravity for everything fell in February and March, stocks included, as markets shuddered from the Trump shock, took profits on a large swath of unrealized gains, and sent their taxes to the federal government.

Uniswap Tokens Lap Bitcoin in 48 Hours

So, there wasn’t anything necessarily wrong with Uniswap or UNI; it was just that the market had overbought and then corrected. This happens frequently in crypto markets, which move very fast compared to the NYSE and Nasdaq.

Over the past 30 days, Uniswap and Bitcoin both posted a 33% green candle, but only because UNI flew up the chart starting on Wednesday, from $4.80 to $6.30 in under 48 hours.

If UNI had remained trading sideways at the previous level before the massive 31% green day, it would have almost ended the month at a loss. Certainly, by opportunity cost, a Bitcoin maxi might say it was something like shorting BTC for that 33% ride up and getting squeezed out.

Did The UNI Delegate Beef Stir The Markets?

But, the Ethereum DEX (decentralized exchange) token pulled out a win for Friday’s 30D price chart, staying on parity with Bitcoin. That’s despite the crypto news FUD (fear, uncertainty, and doubt) over some supposed drama at the Uniswap Foundation.

A veteran DAO (decentralized autonomous organization) delegate, who goes by the screen name Pepo, quit the UNI DAO on May 5 and published a short manifesto, vague-posting their discontents with the Uniswap Foundation.

Did altcoin traders following sources familiar with the DAO beef just reward UNI for sticking in Pepo’s craw this week?

https://twitter.com/0xPEPO/status/1919420425928348118?ref_src=twsrc%5Etfw” data-wpel-link=”external” target=”_blank

“There are people in this governance who continue to act with clarity, integrity, and grit,” Pepo wrote, “not because it’s rewarded, but because it’s right [ … ] I saw you. I respect you. And I thank you.”

Uniswap Foundation said a day later, “[Uniswap is] the only major Protocol Foundation that is funded through the express approval of delegates.”