Bitwise CIO: Here’s Why Uniswap Feels Undervalued at $6 Billion

Key Points

1. Uniswap's UNI token has a market capitalization of $6.15 billion, with a 30% monthly and 100% year-to-date increase.

2. The token's price has been stagnant around $10, with resistance at $11 and support between $6 and $8 in July.

3. A large transfer of 989,520 UNI ($16.73 million) by Cumberland led to a price drop from its December high of $19.

4. Governance concerns arise as a small group of large UNI holders, including early investors and the Uniswap Foundation, control most voting power.

5. Reports indicate a lack of transparency and off-chain coordination among large token holders.