Kendrick Revises UNI Target: $100 May Be Too Low

Standard Chartered's global head of digital assets research, Geoffrey Kendrick, has revised his $100 UNI target for 2030. In a recent note, he stated that this target may be too low due to increased trading activity on the Robinhood Chain and subsequent token burns.

The UNI token has seen its annualized burn rate double to $90 million since the launch of the Robinhood Chain on July 2. This surge in burns is largely driven by Uniswap's dominant position on the new network, handling approximately 76% of all trading volume and generating significant fees.

Kendrick noted that the current pace of token burns would be unsustainable at the current valuation. He also mentioned that under his short-term target of $6.50 for the end of 2026, the burn rate would still be about 2.2% of supply destroyed each year.