Last night, Uniswap debuted its Ethereum-based UNI token to the world and began distributing 400 of the suddenly hot tokens to early users of the platform.
Substantial interest surrounding the new token has led Ethereum to pump more than 6% in the last 24 hours. But it may not be for the reason you expect.
Ethereum Rockets 6% In The Last 24 Hours On The Heels Of New Token Rollout
Ethereum is trading over $100 below the 2020 high, and struggling to reclaim the previous trading range.
The number two cryptocurrency by market cap keeps smashing into support turned resistance and falling back down, but price action hasn’t yet turned downward, either.
Related Reading | Is Uniswap’s UNI The Crypto Version of a Stimulus Check at $3 Per Token?
ETHUSD price surged over 6% over the last 24 hours, but it is not simply because Ethereum is suddenly bullish.
Instead, the smart contract focused crypto token is back in enormous demand, thanks to the debut of a new ERC-20 token launched on Ethereum’s mainnet.
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