Standard Chartered Boosts Uniswap Price Target Amid Robust Token Burns
Standard Chartered's head of digital-asset research, Geoffrey Kendrick, believes that Uniswap's (UNI) token burn rate could lead to a price surge, potentially pushing UNI above the bank's previous $100 target by 2030.
In August, BeInCrypto reported on Kendrick's comments regarding Uniswap's partnership with Robinhood. He stated that this partnership is performing better than expected and may boost the token burn rate.
The feature linked to Robinhood has nearly doubled UNI burns since its activation on July 27, reaching an annualized $90 million in just over two weeks. This translates to about 25 million UNI or approximately 4% of the circulating supply at current prices.
Kendrick cautioned that while the current elevated burn rate may be unsustainable in the long term, additional partnerships similar to the Robinhood deal could further increase UNI burns.