UNI, the native token of decentralized cryptocurrency exchange Uniswap, has officially emerged as the first-ever DeFi Dapp token to make it into the list of top ten cryptocurrencies ranked by market cap. With a total valuation of $17.3 billion at press time, UNI held the spot on CoinMarketCap as the cryptocurrency with the eighth-largest market cap in the world.
CoinTelegraph reports that the token’s ascent to the top-ten list follows a fifty-percent price surge over the course of the last week. Seven days ago, UNI was priced at roughly $24 a pop. As of press time on March 8th, UNI was trading above $33 per token.
UNI is also ranked as the second-largest Ethereum-based asset currently in existence, with Tether Dollars (USDT) holding the place as the largest Ethereum-based asset in the world.
According to CoinTelegraph, UNI originally broke through to the top-ten largest cryptocurrencies in the world on Friday, March 5th. The day before, on March 4th, UNI’s market capitalization was roughly $8.8 billion; however, within 24 hours, its market cap had increased to $14.7 billion. On Sunday, the price of UNI tokens hit an all-time high of roughly $34.55.
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What Caused UNI’s Astronomical Rise?
There are several factors that seem to have contributed to UNI’s recent astronomical