UNI soars nearly 23% following cryptic social media post

UNI posted a 23% gain as investors await a potential bullish announcement from its mystery social media post.
UNI had earlier suffered a decline after postponing its fee mechanism vote.
UNI could see a correction following increased exchange net inflows after the price rise.

Uniswap's (UNI) price spiked on Tuesday after its cryptic social media post increased bullish sentiment among investors. The rise comes off the back of an earlier decline following the postponement of UNI's fee mechanism vote.

UNI recovers from decline with 23% surge

UNI skyrocketed nearly 23% after a cryptic post on X hinted at a key announcement, urging community members to "get ready for something super."

UNI had earlier declined more than 9% after postponing its fee mechanism vote, which was scheduled for May 31. Several community members who had accumulated UNI in anticipation of the event were left disappointed after the postponement.

As a result, it could have triggered selling pressure, especially from short-term holders aiming to speculate on UNI's potential rise after the vote.

The fee mechanism proposal aimed to distribute part of Uniswap's revenue to UNI token holders who have staked their tokens and delegated them for governance. Uniswap hoped the proposal would incentivize participation in governance and key protocol decisions.

Many users expect the announcement to be a new date for the fee mechanism vote or a potential Uniswap v4 launch.

Also read: Uniswap founder hopes SEC doesn't pursue enforcement as on-chain data shows price spike is on the horizon

However, an X user speculated that the announcement could be the potential launch of an NFT mystery box collaboration between Uniswap and fashion NFT figure KidSuper.

so everyone is expecting the uniswap announcement to be

-uni V4
-L2
-uni launching on ZK
-fee switch [1% chance]

what if it's just them launching new socks?

this is obv not 100% confirmed, can still get liquidated shorting thishttps://t.co/ziOpfLB1o5 @KidSuper https://t.co/SHyBm7FtYt pic.twitter.com/w2iTak3Ir7
— hyuk (@hyooktrades) June 4, 2024

If the announcement isn't as bullish as anticipated, UNI could see a correction in the coming hours, as exchanges have seen over 430.9K UNI net inflow in the past 24 hours.

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