Uniswap was one of the poorest performers in the crypto market over the weekend. Most altcoins on the market are currently in a downtrend, and Uniswap appears to be taking the lead, losing the most in the wake of the latest tussle between the CEO of Uniswap and the CEO of Binance, the largest crypto exchange in the world by trading volume.
Uniswap isn't the only altcoin in a dip. Others like BNB, XRP, SHIB, and Doge have also declined, with Dogecoin even falling by more than 3% over the last day.
Ethereum, the largest altcoin by market cap is also in a dip, struggling to keep its head above the $1,300 support. Ethereum declined further after yesterday's downturn and is now worth about $1,248.
Polkadot (DOT), Solana (SOL), and Polygon (MATIC) have fallen massively as well, with all three dumping by more than 6%. However, Uniswap takes the lion's share with an 8% drop.
This massive dip in Uniswap came after the latest Twitter tussle between Hayden Adams, Uniswap's founder, and Changpeng "CZ" Zhao, the CEO of Binance.
According to data from CoinGlass, as a result of the dips that currently sweep the market, the entire crypto market has lost about $25 billion in the last 24 hours. This brings the global crypto market cap further to its knees. The global crypto market cap now sits only a few billion dollars above $900 billion.
Overall, 40,633 traders have been liquidated so far in the last 24 hours in trades worth about $69.11 million.
Uniswap is one of the largest Decentralized crypto exchanges in the world by trading volume, while Binance is the largest centralized crypto exchange in the world by the same metric.
On Uniswap's Decentralized Autonomous Organization (DAO), Binance recently became the second largest entity by voting power.
Soon after this development, the CEO of Uniswap, Hayden Adams took to Twitter to "call out" Binance and some of the decisions they have made recently.
In Adams' tweets, he described the situation as "unique", adding that Uniswap "technically belongs to its users".
Going further in his accusations, he added that Binance uses their customer's funds to "pile up governance votes" and is trying to push its way into Uniswap.
Recall that Binance distributed 13.2 million tokens out of its wallets and currently retains 5.9% of Uniswap's voting power. This amount distributed by Binance amounts to 1.3% of the total supply of UNI, allowing the CEX to present governance proposals as it now exceeds the necessary 0.25% required for presenting these proposals.
However, despite this, Binance fell short of the 4% quorum required to pass votes. Adams so far has interpreted Binance's moves as an elaborate ploy to wrestle themselves into controlling Uniswap, by positioning itself as the second most powerful voting member after a16z, the venture capital giant that controls 6.7% of the DEX's voting power.
In what appears to be a huge coincidence, the price of Uniswap (and most other cryptocurrencies) has reversed and dipped massively following the spat between the two crypto giants.
On Wednesday this week (19th of October), the price of UNI somersaulted from its $6.74 high and started to trend downwards. It is worth $5.9 at the time of writing, after dropping 8% from its high
The RSI on the hourly timeframe shows oversold conditions, signaling that carefully planned out scalping trades may prove to be profitable. Especially now that the price is currently testing support around the $5.93 zone.
Disclaimer: The author's comments and recommendations are solely for educational and informative purposes. They do not represent any financial or investment advice. Always DYOR (do your own research)