New token Uniswap (UNI) jumps 135% to touch $6.08

On September 17, Uniswap announced a distribution to reward early participants. The protocol delivered 400 UNI tokens to each address that had interacted with the platform before September 1. More than 29,000 wallets claimed their allocation within hours. Trading opened around $3 per token. Over the next 24 hours, UNI gained 215%, one of the most remarkable moves for a newly launched token. On September 18, the token jumped another 135%, pushing prices to $6.08 on Coinbase during peak trading. Momentum faded from those highs, but the sustained buying pressure indicated strong underlying demand.

Blockchain data from Etherscan documented 77,451 addresses collecting tokens across more than 336,500 transactions. The price action propelled UNI to the 25th position in market capitalization, reaching a $915 million valuation. Intraday trading volume exceeded $2.9 billion as the token moved across Coinbase, Binance, Huobi Global, FTX, and WazirX. Sixty-plus trading pairs existed globally, giving traders numerous entry points for UNI positions.

Technical analysis signals overbought conditions across multiple timeframes. The RSI indicator continues rising, pointing toward a potential pullback. The MACD sits at extreme extension, reinforcing the overbought reading. If prices sustain above $5.00, bullish traders retain control. Should selling pressure intensify, the $4.20 to $4.50 band provides initial support. Below that, $3.00 represents the entry point from which the rally launched. Most holders view this level as a floor, unwilling to exit below the launch price.

Uniswap has seized the top position among DeFi protocols with $1.4 billion in total value locked. This achievement surpasses Aave, which holds $1.35 billion, and Maker, which manages $1.15 billion. The protocol now accounts for 15% of the $9.01 billion locked across all decentralized finance platforms. Its holdings expanded 81% in 24 hours, a remarkable acceleration that helped it overtake competitors and claim the leading ranking in the DeFi space.