Wallet Allegedly Belonging to Justin Sun Continues to Buy $41 Million Worth of Ethereum

The price of decentralized exchange Uniswap's governance token , UNI, surged more than 55% in the last 24 hours, hitting a two-year high of $12.73. UNI's trading volume also soared 1,200% to $1.33 billion in a day. With a market capitalization of $6.7 billion, UNI is now ranked 15th on CoinMarketCap.

This price increase was triggered by a proposal from the Uniswap Foundation to improve the protocol's governance system. The proposal, put forward by Erin Koen, Uniswap Foundation's governance lead, aims to reward UNI holders who have staked and delegated their tokens .

The proposal also includes improving the fee mechanism to “reward UNI token holders who have delegated and staked their tokens” on the platform. Koen explained, "We believe that UNI token holders will be encouraged to elect delegates whose votes and engagement with the protocol will lead to the Protocol's growth and success."

A snapshot vote on this proposal will be held on March 1, 2024, and an on-chain vote will be held on March 8, 2024.

Previously, Uniswap launched the “Uni.eth” subdomain using the Ethereum Name Service (ENS) infrastructure, allowing users to convert complex hexadecimal Ethereum addresses into human-readable names.

Following the proposal, according to data from Cointelegraph Markets Pro and TradingView, UNI prices surged more than 73% from an opening of $7.34 to an intraday high of $12.76 on Feb. 23. This price increase also made Uniswap the most liquidated token in the last hour, according to data from Coinglass.

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Reasons for Uniswap Price Soaring

From a price performance perspective, the Uniswap token exhibits a common “pump and dump” pattern, where asset prices spike abnormally with high volatility. Currently, a mild correction has occurred. We may also expect a worsening of the current price action due to active profit taking among medium and long term investors.

Apart from the reasons above, there are several factors that need to be considered in this case of soaring Uniswap prices, such as:

1. Big Influence of Investors

Venture capital firm a16z, which holds 64 million UNI tokens (approximately $720 million, or 6.4% of the total UNI supply), could potentially have a decisive influence over the vote. With a quorum threshold of just 4% of UNI supply for a “yes” vote, the power a16z wields is quite substantial.

2. Strategic Distribution

Further research revealed that a16z received this large UNI allocation from wallets intended for the Uniswap team, investors, and advisors. This strategic distribution across 31 different wallets can significantly influence voting outcomes, providing the ability to influence decisions.

3. Insider Trading Potential

The spike in purchasing power was detected before UNI's price increase, indicating the possibility of inside information at play. Certain individuals or entities may have acted on non-public information regarding the impact of such proposals on UNI's value.

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How to Buy UNI on Bittime

After knowing what UNI is and how it works, are you interested in buying and investing in this crypto asset? You can do it at Bittime. UNI tokens are available on Bittime in the  UNI IDR pairing. 

 Below is a guide on how to buy UNI tokens on Bittime. 

1. Register an account at Bittime using an active email. 
2. Complete the identity verification process.  
3. Once the account is verified, open the Bittime application.
4. Select the Market menu or click the graphic icon. 
5. Select the IDR pairing to buy UNI with Rupiah.
6. Click 'Buy'.
7. Select the order type to use. Limit orders, market orders and stop orders are available.
8. Enter the nominal rupiah to buy UNI.
9. Click the 'Buy UNI' button. 
10. A notification pop up will appear. Read it carefully and click 'Confirm'. 
11. Enter the six digit Transaction PIN.
12. The application will display a successful order notification. 

For a complete guide on how to buy UNI, click  here .

Apart from buying UNI tokens, you can also buy various crypto assets such as BTC, ETH, SOL, ADA, AVAX, DOGE, and many others. Don't forget, keep monitoring ORDI, BTC, ETH, SOL price chart movements today to find out crypto market trends  on Bittime. 

Crypto asset buying and selling transactions on Bittime are easy, safe and instant. Bittime is officially registered and supervised by Bappebti and Kominfo. 

Also Read: 

Understanding Uniswap (UNI), a Revolutionary DeFi Platform

Uniswap Prepares V4 Upgrade, UNI Price Increases 15% in a Week

Complete Guide: How to Use Uniswap on Metamask and Trust Wallet

DISCLAIMER : This article is informational in nature and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.