UNI Token Drops 8.95% Amid UNIfication Proposal, $15M Exchange Transfer Fuels Volatility

Uniswap (UNIUSDT) experienced notable price volatility in the past 24 hours, with the current price at 7.856 USDT on Binance, reflecting an 8.95% decrease from the 24h open of 8.628 USDT. The recent price movements are primarily attributed to the announcement of the "UNIfication" governance proposal, which includes activating protocol fees, a UNI token burn mechanism, and a strategic buyback plan. This proposal, unveiled by Uniswap Labs and the Uniswap Foundation, initially triggered a strong rally and increased market activity, but technical analysis suggests a potential bearish reversal as traders react to resistance levels and profit-taking. Additionally, large UNI transfers to exchanges, including a $15 million transfer to Coinbase, have contributed to heightened trading volume and volatility. The 24-hour trading volume for UNI remains substantial, ranging from $1.04 billion to $3.92 billion, with a circulating supply of approximately 630–633 million tokens and a market capitalization between $4.78 billion and $5.42 billion.