|

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 price

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. 

Author

Lorenzo Stroe

Lorenzo Stroe

Independent Analyst

Lorenzo is an experienced Technical Analyst and Content Writer who has been working in the cryptocurrency industry since 2012. He also has a passion for trading.

More from Lorenzo Stroe
Share:

Editor's Picks

Japanese Yen gains after hawkish Fed hold
USD/JPY trades near the 163.60 area on Wednesday, recovering from its immediate post-announcement decline as investors assess a generally hawkish Federal Reserve (Fed) monetary policy decision. The Federal Open Market Committee (FOMC) left the Fed funds rate unchanged within the 3.50%–3.75% range, as widely expected.
XRP edges up as Flare simplifies staking process
Ripple (XRP) holds modest gains, trading around $1.08 at the time of writing on Wednesday. The remittance token mirrors the general neutral-to-bullish outlook in the crypto market, as focus shifts to the Federal Reserve (Fed) rate decision. Market participants widely expect the Fed to leave interest rates unchanged in the 3.50%-3.75% range.
Crypto Today: Bitcoin, Ethereum, XRP post modest gains ahead of Fed rate decision
Cryptocurrency prices are broadly stable on Wednesday ahead of the Federal Reserve (Fed) interest rate decision. Bitcoin (BTC) holds above $64,000 but is struggling to sustain its rebound while Ethereum (ETH) sits above the short-term $1,900 support. Meanwhile, Ripple (XRP) is approaching the pivotal $1.10 resistance, a level that could shape the token’s upward trajectory if it is breached.
Bitcoin muted as markets fret over Fed, crypto bill
There are two main drivers for crypto this week, keeping Bitcoin trapped within its $58,000-$65,000 summer consolidation range. The cautious tone is being set by the Fed's policy decision scheduled later on Wednesday, a key catalyst for risk assets.
Bitcoin: BTC holds firm, but the $100 Oil threat could change the game
Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.