Unifi Protocol DAO price

Measured from the June monthly low of $2.45 to the top of the wick at $41.8, the UNFI price pumped 17x, after a vote to upgrade their token and platform infrastructure.

Short liquidations may have fuelled the brief wick back to near the UNFI all time high and the top of a year long price range. Despite the immediate sell-off and dump back to around $7, the Unifi Protocol DAO price is still up 139% in June so far. Is it time to buy UNFI?

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What is Unifi Protocol DAO?

On the daily price chart UNFI looks like a shitcoin pump and dump and shows how it can help to have limit sell orders set at the top of a high-timeframe price range, as they can be filled by ‘fat finger’ accidental market orders or the FOMO after bullish news updates. Especially on low market cap coins with low liquidity.

Unifi Protocol DAO has a market cap of $32 million at the current UNFI price today, ranked #503 on Coinmarketcap with a circulating supply of 4.3 million – 43% of its max supply of 10 million UNFI coins are unlocked. UNFI was listed on Binance in November 2020.

UNFI price chart

UNFI is a DeFi coin and the project aims to support enterprises and traditional financial institutions to develop DeFi solutions for their business model with smart contracts, interoperable across multiple blockchains. The UNFI token can be lent peer-to-peer on their DeFi lending platform uLend.

Unifi Protocol DAO was created by an existing DeFi staking platform Sesameseed and its CEO Juliun Brabon. The active online community behind Sesameseed form a decentralized autonomous organization (DAO) that votes on the direction of the project.

Unifi Protocol Upgrade

On June 7th a press release on Business Wire announced that they had voted on a ‘massive upgrade’ to its ‘multichain infrastructure’ and DeFi ecosystem. Part of it reads:

‘Unifi’s blockchain products were first introduced in 2020, and have since expanded to include more services such as trading (uTrade), staking (uStake), and recently the addition of a cross-chain bridging solution (uBridge). With $11.5 million in total value locked (TVL) in the Unifi Protocol ecosystem, Unifi stated in their infrastructure improvement proposal that much of that value is under-utilized.

The upgrade will see major changes rolled out to Unifi Protocol’s rewards token, $UP. This over-collateralized algorithmic token has been fully backed by an increasing reserve of cryptocurrency coins on each blockchain it is on since being conceived in 2018. The new and improved UP token will utilize the funds in this rising reserve to earn all UP holders passive returns by routing staking rewards into the backed value of the token, while boosting the efficiency of all associated Unifi products.’

The Unifi announcement goes on to explain their goals of building a sustainable blockchain economy, ‘beginning as an all-volunteer team with a vision for a decentralized future’ and now ‘an established company at the forefront of Web3 technology.’

The ‘pivotal upgrade’ was approved in ‘a landmark DAO vote’ across six blockchains with 140,000 unique token holders taking part as voters.

The current UNFI all time high price of $44.4 was hit in March 2021. Then UNFI hit a 2022 low of $1.32 in May around the time of the LUNA and UST crash, a 97% retrace.

The bottom may be in for the remainder of the year and with such a low market cap UNFI could easily establish a new short term uptrend to the $15 resistance level and higher.

Low cap cryptos pump more readily than big caps and can be a good investment at the current low prices since the May 2022 Bitcoin dip, hoping to catch a wick to the upside, for a mean reversion play, or even a new bull cycle.

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