DeFi’s Hottest New Token Uniswap Plunges 12.5% After Parabolic Rally

Uniswap, an Ethereum-based decentralized exchange, shocked the crypto market when it released its own token this week. The coin, released to all historical users of the platform, underwent a parabolic rally after its release. The coin gained around 600% from the all-time lows around $1.20 to the highs. Uniswap’s UNI has since faced a strong rejection, resulting in a 30% drop from thie highs. In the past 24 hours alone, the Ethereum-based coin is down over 12% against the U.S. dollar. This comes as the rest of the decentralized finance space has seen a strong correction from recent highs. Uniswap’s UNI Drops 12.5% in Past 24 Hours According to CoinGecko data, Uniswap’s UNI token has plunged over 12.5% in the past 24 hours, adding to the losses it incurred on Friday. From its all-time high just shy of $9, the coin is now down by around 35%. UNI’s rapid price…

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