{"id":438838,"date":"2020-09-18T01:00:21","date_gmt":"2020-09-18T01:00:21","guid":{"rendered":"https:\/\/uniquehot.com\/?p=438838"},"modified":"2024-02-25T05:08:01","modified_gmt":"2024-02-25T05:08:01","slug":"is-uniswaps-uni-token-behind-ethereums-6-24-hour-surge","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/ethereum\/is-uniswaps-uni-token-behind-ethereums-6-24-hour-surge\/","title":{"rendered":"Is Uniswap’s UNI Token Behind Ethereum’s 6% 24 Hour Surge?"},"content":{"rendered":"

Last night, Uniswap debuted its Ethereum-based UNI token<\/a> to the world and began distributing 400 of the suddenly hot tokens to early users of the platform.<\/p>\n

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.<\/p>\n

Ethereum Rockets 6% In The Last 24 Hours On The Heels Of New Token Rollout<\/h2>\n

Ethereum is trading over $100<\/a> below the 2020 high, and struggling to reclaim the previous trading range.<\/p>\n

The number two cryptocurrency by market cap keeps smashing into support<\/a> turned resistance and falling back down, but price action hasn’t yet turned downward, either.<\/p>\n

Related Reading | Is Uniswap\u2019s UNI The Crypto Version of a Stimulus Check at $3 Per Token?<\/a><\/strong><\/em><\/p>\n

ETHUSD price surged over 6% over the last 24 hours, but it is not simply because Ethereum is suddenly bullish<\/a>.<\/p>\n

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.<\/p>\n

\"ethereum<\/p>\n

ETHUSD 4H UNI Uniswap Announcement Leads To 6% Rally | Source: TradingView<\/a><\/pre>\n
How Uniswap’s New UNI Crypto Token Fueled The Top Altcoin’s Rise<\/h2>\n
Ethereum’s rally<\/a> isn’t due to its bullish momentum, its due to the dominance of another new token: UNI.<\/p>\n
In the late hours yesterday, Uniswap revealed via a blog post<\/a> that it would be distributing 400 tokens to all early users of the liquidity pooling platform.<\/p>\n
Uniswap has exploded in popularity recently amidst the DeFi frenzy, acting as a launch pad for new projects and tokens<\/a>.<\/p>\n
Now, Uniswap has launched a token of their own<\/a>, and its caused an increase in demand in Ethereum, but why?<\/p>\n
UNI tokens must first be accessed by an Ethereum wallet used to interact with the decentralized platform, and claimed. And because these tokens are ERC-20 tokens, they are require ETH gas<\/a> to move it from wallet to wallet.<\/p>\n
Related Reading | Why Soaring Gas Fees Won\u2019t Let An Ethereum Killer Gain The Upper Hand<\/a><\/strong><\/em><\/p>\n
For anyone that wants to cash out their UNI and take advantage of what is essentially the crypto version of a stimulus check<\/a>, they’ll also need some Ethereum to send the transaction over the blockchain.<\/p>\n
ETH gas fees<\/a> have been on the rise, to controversial levels. On one hand, it shows just how in demand Ethereum is, on the other, it puts a spotlight on scaling issues.<\/p>\n
With ETH gas fees so high, those wanting to claim their UNI tokens are having to buy Ethereum and send it to be used as gas fees in order to claim the reward.<\/p>\n
But as the saying goes, it takes money to make money, and if you want the free crypto, you too might need to buy some Ethereum to get the job done.<\/p>\n
 <\/p>\n
Image by Miloslav Ham\u0159\u00edk<\/a> from Pixabay<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"
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\u2019s 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. ETHUSD 4H UNI Uniswap Announcement Leads To 6% Rally | Source: TradingView How Uniswap’s New UNI Crypto Token Fueled The Top Altcoin’s Rise Ethereum’s rally isn’t due to its bullish momentum, its due to the dominance of another new token: UNI. In the late hours yesterday, Uniswap revealed via a blog post that it would be distributing 400 tokens to all early users of the liquidity pooling platform. Uniswap has exploded in popularity recently amidst the DeFi frenzy, acting as a launch pad for new projects and tokens. Now, Uniswap has launched a token of their own, and its caused an increase in demand in Ethereum, but why? UNI tokens must first be accessed by an Ethereum wallet used to interact with the decentralized platform, and claimed. And because these tokens are ERC-20 tokens, they are require ETH gas to move it from wallet to wallet. Related Reading | Why Soaring Gas Fees Won\u2019t Let An Ethereum Killer Gain The Upper Hand For anyone that wants to cash out their UNI and take advantage of what is essentially the crypto version of a stimulus check, they’ll also need some Ethereum to send the transaction over the blockchain. ETH gas fees have been on the rise, to controversial levels. On one hand, it shows just how in demand Ethereum is, on the other, it puts a spotlight on scaling issues. With ETH gas fees so high, those wanting to claim their UNI tokens are having to buy Ethereum and send it to be used as gas fees in order to claim the reward. But as the saying goes, it takes money to make money, and if you want the free crypto, you too might need to buy some Ethereum to get the job done.   Image by Miloslav Ham\u0159\u00edk from Pixabay<\/p>\n","protected":false},"author":517,"featured_media":576738,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,13625],"tags":[54512,14063,65296,1946,82857,8686,78803,82849,82854,80532],"class_list":["post-438838","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-ethereum","tag-defi","tag-erc-20","tag-ethbtc","tag-ethereum","tag-ethuni","tag-ethusd","tag-ethusdt","tag-uni","tag-unieth","tag-uniswap"],"acf":[],"yoast_head":"\nIs Uniswap's UNI Token Behind Ethereum's 6% 24 Hour Surge?<\/title>\n<meta name=\"description\" content=\"Last night, Uniswap debuted its 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\"The Bull\" Severino","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/uniquehot.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/129b75c18bdea8b048f1d7d526df61d7?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/129b75c18bdea8b048f1d7d526df61d7?s=96&d=mm&r=g","caption":"Tony \"The Bull\" Severino"},"description":"Tony \"The Bull\" Severino, CMT, is a distinguished figure in the cryptocurrency analysis sector, renowned for his in-depth technical expertise and innovative approach to market trends. As the Head of Research at NewsBTC, Tony leads a team dedicated to providing cutting-edge insights and forecasts, helping both novice and experienced traders navigate the complexities of the crypto market. A seasoned Chartered Market Technician, Tony's prowess in identifying and capitalizing on market patterns is unmatched. His academic and professional journey in market analysis has firmly established him as a leading authority in technical trading strategies. Tony\u2019s approach is heavily influenced by the principles of Elliott Wave Theory, a method known for its rigorous assessment of investor psychology and price movements. Beyond his role at NewsBTC, Tony is the visionary founder of CoinChartist.io, an educational platform aimed at demystifying the nuances of cryptocurrency trading. CoinChartist.io serves as a valuable resource for traders seeking to enhance their technical analysis skills. The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/uniquehot.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Is Uniswap’s UNI Token Behind Ethereum’s 6% 24 Hour Surge?","url":"http:\/\/uniquehot.com\/news\/ethereum\/is-uniswaps-uni-token-behind-ethereums-6-24-hour-surge\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/ethereum\/is-uniswaps-uni-token-behind-ethereums-6-24-hour-surge\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/09\/ethereum-3818347_1280.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/09\/ethereum-3818347_1280.jpg?fit=1280%2C853"},"articleSection":"Ethereum","author":[{"@type":"Person","name":"Tony \"The Bull\" Severino"}],"creator":["Tony \"The Bull\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["defi","erc-20","ethbtc","ethereum","ethuni","ethusd","ethusdt","uni","unieth","uniswap"],"dateCreated":"2020-09-18T01:00:21Z","datePublished":"2020-09-18T01:00:21Z","dateModified":"2024-02-25T05:08:01Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Is Uniswap’s UNI Token Behind Ethereum’s 6% 24 Hour Surge?\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/is-uniswaps-uni-token-behind-ethereums-6-24-hour-surge\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/ethereum\\\/is-uniswaps-uni-token-behind-ethereums-6-24-hour-surge\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/ethereum-3818347_1280.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/09\\\/ethereum-3818347_1280.jpg?fit=1280%2C853\"},\"articleSection\":\"Ethereum\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"The Bull\\\" Severino\"}],\"creator\":[\"Tony \\\"The Bull\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"defi\",\"erc-20\",\"ethbtc\",\"ethereum\",\"ethuni\",\"ethusd\",\"ethusdt\",\"uni\",\"unieth\",\"uniswap\"],\"dateCreated\":\"2020-09-18T01:00:21Z\",\"datePublished\":\"2020-09-18T01:00:21Z\",\"dateModified\":\"2024-02-25T05:08:01Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/09\/ethereum-3818347_1280.jpg?fit=1280%2C853","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/438838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=438838"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/438838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/576738"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=438838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=438838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=438838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}