Binance Surpasses 71 Million UNI Tokens Amid Six-Month Price High
The price of UNI, the governance token of Uniswap, has hit a six-month high at $10.209 on September 22. This marks an impressive 108% climb from its quarterly baseline.
Binance, one of the largest cryptocurrency exchanges, is sitting on a record amount of UNI tokens, with a current reserve of 71,584,353. This represents an increase of around 18-19% over the past few weeks.
The exchange saw significant net inflows to its UNI holdings during the week ending September 22, averaging +951,249 UNI per day. Two standout days were September 18 and 22, which saw net inflows of +2.60 million and +1.89 million UNI, respectively.
Analysts have noted that this unusual accumulation could indicate a buildup of sell-side liquidity rather than token scarcity. The Federal Reserve's decision to cut rates by 50 basis points on September 16 may be a contributing factor, with the timing coinciding with the biggest inflow days.