UNI is among those decentralized finance tokens that debuted with a bang but slowly rolled over to the bearish side on higher profit-taking sentiment.
The UniSwap exchange’s governance cryptocurrency plunged by another 5 percent on Wednesday, hitting an intraday low of $4 as of 0900 UTC. The latest sell-off came as a part of a broader correction trend that followed UNI’s 5,524 percent price rally to an all-time high at $8.59.
UNI/USD is consolidating sideways following its 50% correction. Source: TradingView.com
Simultaneously, the total value locked inside the UniSwap pool kept on increasing to new highs. According to data fetched by DeFi Pulse, the TVL surged to $2.12 billion on Wednesday, its highest to date, showing that more people are locking funds in the UniSwap pool.
The decentralized exchange has committed to rewarding its liquidity providers and users with UNI tokens until its supply exhausts at 600,000,000 units.
That serves as one of the main reasons UNI is still trading 2,500 percent above its debut