Is Uniswap Going to Zero? UNI Price Falls 6% as New Swap Fees Go Live and New Crypto Project Raises $570,000
Leading DEX Uniswap has fallen -6% to rock-bottom levels following the introduction of a new 0.15% fee on crypto swaps involving Ethereum, USDC and others.
The decision for a new fee levy on DEX traders comes as Uniswap Labs seeks new funding to manage their over-extended operations. This is because the current ‘protocol fee’ charged for crypto swaps is managed by UNI governance voters.
.@Uniswap decision to add fees to the front-end is a net positive for the industry:
— Sergey Gorbunov (@sergey_nog) October 17, 2023
1. Projects need to be sustainable and profitable.
2. It create competitive fee markets where VC capital is no longer used to subsidize growth.
3. They'll need to retain and grow users via…
Despite attempts to justify the fee – highlighting that it’s one of the lowest in the DEX industry, and will fuel start-up development for alternative user interfaces – markets have reacted with resounding disappointment.
UNI Price Analysis: Is Uniswap Going to Zero in Market Rejection of New Swap Fees?
As price action finds lower support, UNI is currently trading at a market price of $3.90 (representing a 24-hour change of 0.39%).
This comes as Uniswap price tumbles down to lower trendline support, in a tumultuous reaction to the swap fee news.
With none of the new fees generated being reflected to UNI token holders, a clear sell-incentive has been introduced.
UNI price action is now breaking away from the gently descendant 20DMA which current sits at $4.24.
Meanwhile, the 200DMA – a level untouched since August 16 – remains high above price action at $5.11.
In a small display of strength, Uniswap’s RSI indicator is showing significant bullish divergence with an oversold signal at 33.28 – suggesting price could push up from here in a return to the 20DMA.
But the MACD contrasts this, painting a bleak view of momentum at -0.026 bearish divergence.
Overall, the worst of the tumble appears to have passed for now, with UNI likely to find supportive feet at this level in a return to the 20DMA.
This leaves UNI with an upside target at $4.24 (a potential +8.52%).
While downside risk from here could see UNI tumble to lower trendline support at $3.72 (a possible -4.79%).
This leaves Uniswap with a risk: reward ratio of 1.78 – a good entry with reasonable upside potential.
But while UNI holders are reeling, a new breakout meme coin presale is offering the opportunity for market beating returns.
$573K Raised – Could Meme Kombat Become Biggest Meme Coin of Q4 2023?
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Guess the memecoin 🤔
— Meme Kombat (@Meme_Kombat) October 18, 2023
Whoever gets it first will win in kombat ⚔️ pic.twitter.com/6uRYbBisw5
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there’s no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable – every battle is a new experience, ensuring players stay engaged.