Is Uniswap Going to Zero? UNI Price Falls 6% as New Swap Fees Go Live and New Crypto Project Raises $570,000
Leading DEX Uniswap has fallen -6% to rock-bottom levels following the introduction of a new 0.15% fee on crypto swaps involving Ethereum, USDC and others.
The decision for a new fee levy on DEX traders comes as Uniswap Labs seeks new funding to manage their over-extended operations. This is because the current 'protocol fee' charged for crypto swaps is managed by UNI governance voters.
Despite attempts to justify the fee - highlighting that it's one of the lowest in the DEX industry, and will fuel start-up development for alternative user interfaces - markets have reacted with resounding disappointment.
UNI Price Analysis: Is Uniswap Going to Zero in Market Rejection of New Swap Fees?
As price action finds lower support, UNI is currently trading at a market price of $3.90 (representing a 24-hour change of 0.39%).
This comes as Uniswap price tumbles down to lower trendline support, in a tumultuous reaction to the swap fee news.
With none of the new fees generated being reflected to UNI token holders, a clear sell-incentive has been introduced.
UNI price action is now breaking away from the gently descendant 20DMA which current sits at $4.24.
Meanwhile, the 200DMA - a level untouched since August 16 - remains high above price action at $5.11.
In a small display of strength, Uniswap's RSI indicator is showing significant bullish divergence with an oversold signal at 33.28 - suggesting price could push up from here in a return to the 20DMA.
But the MACD contrasts this, painting a bleak view of momentum at -0.026 bearish divergence.
Overall, the worst of the tumble appears to have passed for now, with UNI likely to find supportive feet at this level in a return to the 20DMA.
This leaves UNI with an upside target at $4.24 (a potential +8.52%).
While downside risk from here could see UNI tumble to lower trendline support at $3.72 (a possible -4.79%).
This leaves Uniswap with a risk: reward ratio of 1.78 - a good entry with reasonable upside potential.
But while UNI holders are reeling, a new breakout meme coin presale is offering the opportunity for market beating returns.
$573K Raised - Could Meme Kombat Become Biggest Meme Coin of Q4 2023?
Meet Meme Kombat, a trailblazing initiative that has seamlessly blended the memetic love of nostalgic gaming, and GambleFi, into a decentralized Web3 platform.
So, what makes Meme Kombat tick, and why should potential investors keep a keen eye on this presale?
The essence of Meme Kombat lies in its captivating arena where characters aiming to tap into deeply tribal crypto communities lock horns.
Players have the liberty to place their bets on these animated battles, predicting the outcomes and possibly reaping attractive rewards.
With a sturdy promise of Season 1 showcasing 11 distinct meme characters, there's no shortage of action, and Season 2 is already on the horizon for December 2023.
The decentralized nature of the project, combined with the thrill of AI-driven battles, ensures that the outcomes are both transparent and unpredictable - every battle is a new experience, ensuring players stay engaged.
Delivering GameFi to Crypto Rivalries in Dramatic Fashion with Staking
The project isn't just about excitement; it's built on a foundation of trust - Meme Kombat's commitment to transparency is evident through initiatives like the impending security audit of their smart contract.
The findings of this audit will soon be public, a move that many projects shy away from.
The founder and project lead, Matt Whiteman, isn't an unknown entity in the crypto space.
His experience spanning two decades in process design, combined with his position as the COO of North Technologies, adds credibility to Meme Kombat.
When so many projects hide behind the veil of anonymity, Whiteman's open profile and the project's physical address in Amsterdam offer an extra layer of trustworthiness.
The tokenomics of Meme Kombat is also an appealing factor for potential investors - Stake the Meme Kombat ($MK) token, priced attractively at $1.667, and dive into a rewarding ecosystem.
With a generous APY of 112%, stakers not only benefit from passive income but can also use their staked tokens to place bets in the arena - this dual functionality – earning while gaming – sets Meme Kombat apart.
Intriguingly, engagement on the platform directly influences the income one can earn, so, the more you participate, the more you stand to gain.
With the GambleFi industry booming following coins like Rollbit, Meme Kombat seems poised to tap into this lucrative market with its innovative approach.
By merging memes, gaming, and blockchain, the platform is presenting something fresh to the crypto community.
For those looking to diversify their portfolio with a unique offering, Meme Kombat seems like an opportunity too good to miss - so, don't be left behind (stay tuned with the MK Telegram).
Embrace the future of meme-based gaming and betting with Meme Kombat.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
A quick 3min read about today's crypto news!
