When the Uniswap DEX airdropped the UNI coin, everyone was ecstatic. However, it was only a period of time until the majority of users liquidated their tokens in order to cash out. Nonetheless, there is still a gang of loyal UNI holders, and tokens are still being recovered now, more than two years later.
It’s difficult to believe that the $UNI airdrop by Uniswap occurred almost two years ago. According to the Dune dashboard, the tokens will go into production on September 17, 2020. Much has transpired since then, with the majority of the tokens being dumped on the market. There is, nevertheless, some interest in Uniswap’s native coin and its prospects.
The value of UNI has dropped by more than 88% since its all-time high. The all-time low of $1.03, on the other hand, is out of range. It is still one of the most successful token airdrops, with a current market worth of more than $4 billion. This is partly due to the fact that Uniswap remains the top decentralized exchange. It is not necessary to use $UNI, but the token grants governance rights to those eager to participate.
Given that over 220,000 addresses claimed UNI, it is reasonable to infer that eligible users were aware of the airdrop. Nonetheless, for unknown reasons, 90,000 of the 300,000 eligible wallets did not claim their airdrop. In contrast, two years later, there are still claims on tokens every month. So far, 28 wallets have claimed UNI in November 2022. In October, there were 103 claims, while in September, there were 117 separate address claims. Furthermore, approximately 518,000 tokens were collected in September, which is significant.
As different wallets claim their UNI, the token’s circulation grows. A higher circulating supply frequently results in greater adverse market pressure. Although some argue that UNI underperforms the majority of the time, greater demand is required to drive prices higher. That scenario may alter in the future, but for the time being, $UNI appears to be accurately priced.
According to the Dune Analytics dashboard, the majority of wallets have thrown their UNI token since the airdrop. That is understandable, as a $1,600 airdrop is more than enough incentive for most people to pay out right away. Others may have waited until the token reached a price above $40 before selling their shares. Under 15,000 wallets still retain their tokens today. Remember that some individuals may have transferred money to another wallet rather than cashing out.
That implies 6.7% of users are still waiting for their airdrop. A pitiful result, with 93.3% – or 205.916 wallets – abandoning $UNI in the last two years. Given the current state of the crypto market, $UNI is an extremely unfavorable token to keep. It serves little purpose for most individuals and has little speculative appeal.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/11/27/uniwap-airdrop-uni-tokens-still-getting-claims/