Uniswap Token UNI Slumps 10% Amid Leverage Flush
Uniswap's UNI token dropped roughly 10% over 24 hours on August 12, extending its sharp technical breakdown despite Bitcoin remaining relatively stable. The selloff pushed UNI toward $3.52 and below every major moving average visible on the four-hour chart.
The decline accelerated after UNI lost the area around $3.80, where its 200-period simple moving average had been providing an important longer-term technical reference. Once that level failed, the price quickly moved through the shorter-term averages as well.
Derivatives data pointed to leverage being removed from the market rather than a new deterioration in Uniswap's underlying protocol. The divergence between product expansion and token performance offers a useful reminder that stronger network activity does not automatically protect a governance token from crowded positioning.