fxs_header_sponsor_anchor

Uniswap price can plummet as the network prepares for a colossal airdrop

  • A new proposal to reward users that have interacted with Uniswap through a proxy is currently active.
  • The proposal seeks to distribute 400 UNI tokens to 12,619 different addresses.

The initial airdrop of Uniswap rewarded users that interacted with Uniswap before September 1 with 400 UNI tokens. A new proposal seeks to help users who have interacted with the exchange through a proxy or third-party application.

Another 400 UNI tokens will be rewarded to 12,619 addresses if the proposal passes. So far, 28,551,129 votes are in favor, and only 1,275,672 are against it. Investors that have used any of the below projects might have the chance to claim 400 UNI tokens:

Project

Accounts

% of total

Argent

3418

27.09%

DeFi Saver

890

7.05%

Dharma

2833

22.45%

eidoo

301

2.39%

FURUCOMBO

57

0.45%

MEW

4278

33.90%

Monolith

19

0.15%

Nuo

740

5.86%

Opyn

79

0.63%

rebalance

4

0.03%

 

Dharma, a decentralized exchange proxy, is committed to carrying out the Retroactive Airdrop proposal. Dharma users will have the ability to delegate their UI holds for voting if the proposal passes.

How will the price of Uniswap react to the proposal?

Clearly, another massive airdrop will create significant selling pressure, most likely pushing UNI's price further down. Although 28 million votes are in favor, it’s important to note that the proposal will fail if it receives less than 40 million votes. 

On the 12-hour chart, UNI has established a descending wedge, and it’s bounded inside a downtrend. The MACD is bearish and continues to gain momentum. The lower support trendline at $2.28 is critical. A breakdown from this point can lead UNI to a new low at $1.6. If the proposal passes, this will be the most likely scenario.

UNI/USD 12-hour chart

On the other hand, if the proposal doesn’t receive 40 million votes and gets canceled. UNI could jump towards the upper boundary of the pattern at $2.66. A breakout above this level can drive the price of UNI towards the high at $3.4. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.