The price of DeFi exchange Uniswap’s native token UNI is 15% lower than it was this time last week following yesterday’s news that the US SEC may launch a potential enforcement action against it for alleged securities law violations.
UNI currently trades at $9.08, which makes for a 24-hour loss of about 2.1%. While these losses suggest more of a dip than a crash, it’s still the heaviest overnight depreciation by any of the 20 biggest cryptocurrencies by market cap except Toncoin (TON).
Telegram’s cryptocurrency spin-off TON shed 3.6% overnight and currently trades for $7.13. That’s heavy when juxtaposed with the rest of the leaders’ performances today, but TON is still some 37.5% higher than it was this time last week, thanks to some singular rallies recently.
Source: TradingView
According to UNI’s chart, token holders enjoyed remarkably steep and intense growth spurts on Friday, 23 February and Wednesday, 06 March, amidst a sustained turn-of-the-month fortnight-long rally across the market.
For UNI holders, this peaked when their token hit $16 and it has been in steady decline since, with the steepest losses posted in the last 48 hours.
According to the Relative Strength Index (RSI) readings, a sell-off, which gained momentum on the eighth peaked yesterday when the RSI bottomed down to about 20.
Since a reading of 30 is considered “oversold”, this dump appears to have been heavy, however, in the last 24 hours, the reading has risen back up to about 41, indicating buying momentum is picking up.
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The post Is Uniswap Going to Zero? UNI Price Drops 20% After SEC Scrutiny as This Other Coin Prepares for Exchange Launch appeared first on Cryptonews.