People were really excited when the Uniswap DEX dropped the $UNI token. However, it was also a matter of time until most users gave up their tokens to cash out. Nevertheless, more than two years later, there is still a gang of dedicated UNI holders, and tokens are still being claimed today.
New wallets are still asking for $UNI tokens
It is hard to imagine the parachuting of $UNI by Uniswap took place more than two years ago. According to the Dune dashboard, the tokens entered circulation on September 17, 2020. A lot has happened since then, and most of the tokens have been thrown into the market. However, there is still some interest in the native Uniswap token and its opportunities.
The value of $UNI fell from its all-time high – down more than 88%. However, the all-time low of $1.03 is well out of reach. With a current market capitalization of over $4 billion, it remains one of the most successful token airdrops. This is mainly because Uniswap remains the leading decentralized exchange. It does not require the use of $UNI, but the token provides governance rights for those who want to get involved.
Considering nearly 220,000 claimed UNI addresses, it’s safe to say that eligible users have taken notice of the airdrop. Despite this, 90,000 of the 300,000 eligible wallets never claimed their airdrop, for unknown reasons. Conversely, there are always claims on tokens each month, two years after the fact. Twenty-eight wallets have claimed UNI in November 2022 so far. October saw 103 complaints and September saw 117 separate address complaints. Additionally, over 518,000 tokens were claimed in September, which is substantial.
As separate wallets reclaim their $UNI, the circulation of the token continues to grow. A larger circulating supply will often create more bearish pressure in the market. Although there are some opinions on whether UNI is underperforming most of the time, there must be more demand to drive prices higher. This situation may change eventually, but $UNI seems correctly evaluated now.
Are there any long-term holders?
The Dune Analytics dashboard highlights that most wallets have emptied their $UNI since the airdrop. This is normal, because a $1,600 airdrop – for most users – is reason enough to cash out immediately. Others may have waited until the token peaked above $40 to sell their share. Today, less than 15,000 wallets still hold their tokens. Keep in mind that some users may have moved funds to another wallet rather than cashing out.
That means 6.7% of users are still sitting on their airdrop today. A meager figure, as 93.3% – or 205,916 wallets – have sold UNI$ over the past two years. Considering the crypto market conditions, $UNI is a very unfavorable token to hold. It has very little use for most people and its speculative appeal is non-existent. However, many people still expect better things or forget they own the token.
It should also be noted that the wallets containing the token represent different “sizes”. Most cardholders have received less than US$500, of which 31.5% are under 50 years old. There are also more than 750 wallets with more than 100,000 tokens, which is peculiar. This number has remained the same since the airdrop, which may signal that the tokens belong to team members, investors, etc.
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