People were genuinely excited when the Uniswap DEX airdropped the $UNI token. However, it was also a matter of time until most users dumped 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 Still Claim $UNI Tokens
It is hard to imagine the $UNI airdrop by Uniswap took place over two years ago. Per the Dune dashboard, the tokens entered circulation on September 17, 2020. Much has happened since then, and most of the tokens have been dumped on the market. However, there is still some interest in Uniswap’s native token and its opportunities.
The value of $UNI has plummed from its all-time high – down by over 88%. However, the all-time low of $1.03 is well out of reach. With a current market cap of over $4 billion, it remains one of the more successful token airdrops. That is primarily because Uniswap remains the leading decentralized exchange. It doesn’t require using $UNI, but the token provides governance rights for those willing to get involved.
Considering almost 220,000 addresses claimed UNI, it is safe to say eligible users took notice of the airdrop. Even so, 90,000 of the 300,000 eligible wallets never claimed their airdrop, for unknown reasons. Conversely, there are still claims on tokens every month, two years after the fact. Twenty-eight wallets claimed UNI in November 2022 so far. October saw 103 claims, and September noted 117 distinct address claims. Additionally, over 518,000 tokens were claimed in September, which is substantial.
As distinct wallets claim their $UNI, the token’s circulation continues to increase. A larger circulating supply will often create more bearish market pressure. Although there are some opinions on whether UNI underperforms most of the time, there needs to be more demand to drive prices higher. That situation may change eventually, but $UNI seems valued correctly now.
Are There Any Long-Term Holders?
The Dune Analytics dashboard highlights that most wallets have dumped their $UNI since the airdrop. That is normal, as a $1,600 airdrop – for most users – is sufficient reason to cash out immediately. Others may have waited until the token peaked above $40 to sell their share. Today, under 15,000 wallets still hold their tokens. Remember that some users may have moved funds to a different wallet rather than cashed out.
That means 6.7% of users still sit on their airdrop today. A meager figure, as 93.3% – or 205.916 wallets – dumped $UNI in the past two years. Given the crypto market conditions, $UNI is a very unfavorable token to hold. It has very little utility to most people, and its speculative appeal is non-existent. However, many people still wait for better things or forget they own the token.
It is also worth noting the wallets holding the token represent various “sizes”. Most holders received less than 500 $UNI, with 31.5% holding under 50. There are also over 750 wallets holding more than 100,000 tokens, which is peculiar. That number has stayed the same since the airdrop, which may signal the tokens belong to team members, investors, etc.
The post People Still Claim $UNI Two Years After The Uniswap Airdrop appeared first on CryptoMode.
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