The price of the UNI token, from the DeFi platform Uniswap, jumped from $5.38 to more than $6.4 between Thursday and Friday.
The Uniswap Uni token price saw an impressive surge in the market between Thursday, October 13 and Friday, October 14. After falling to its lowest price in the last three weeks, UNI rebounded and increased its price by nearly 20% in the last few hours.
The decentralized finance (DeFi) platform governance token fell to $5.38 per unit early Thursday. This comes at a time when the cryptocurrency market, led by Bitcoin, has generally fallen due to its negative reaction to the US inflation statement.
UNI's growth coincides with a general recovery, but it is worth noting the news related to the project that was released on Thursday morning. As Uniswap themselves commented on Twitter, they managed to raise more than $160 million in funding.
Uniswap is one of the most popular DeFi protocols on the market. According to DappRadar records, the value of the protocol has amassed more than $5 billion in total. At the same time, the market value of UNI tokens is also approaching $5 billion.