UniSwap (UNI) gains 35% With Trading Volumes Up by 500%, Is it the China Effect?

HeadlinesNewsUniSwap (UNI) gains 35% With Trading Volumes Up by 500%, Is it the China Effect?

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UniSwap (UNI) gains 35% With Trading Volumes Up by 500%, Is it the China Effect?

Coingape21 days ago
Published on September 27, 2021 07:52 GMT+00:00edited on September 28, 2021 14:09 GMT+00:00

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Uniswap ($UNI), the largest decentralized exchanged (Dex) saw its native token price surge over 35% in the last 24-hours. $UNI rose from a daily low of $17.77 to a daily high of $25.98 as the trading volume for the token saw a 500% rise. Over the past couple of days, Defi tokens have skyrocketed making double-digit gains at a time when the majority of the crypto market is still recovering from the correction on Friday caused by China’s yet another crypto ban.

Many attribute the surge in Defi token value and volume to China’s latest crypto crackdown guidelines as well. Chinese journalist Colin Wu claimed that the recent crackdown by the Chinese government would push native crypto traders towards Defi that would lead to a surge in Metmask wallet volumes and Dex protocols such …