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An Unbelievable Token Burn Event Has Begun on an Altcoin—Over $1 Million Is Being Burned Daily
Uniswap’s native token, $UNI, surpassed the $1 million mark for the first time in daily burns, driven by a strong surge in trading activity on Robinhood Chain. According to data, the total value of $UNI burned on September 4th reached $1.15 million, with 184,000 $UNI removed from circulation throughout the day. This amount represents the second-highest daily $UNI burn on record.
It was observed that the majority of the $UNI tokens burned originated from Robinhood Chain. According to the data, approximately 150,000 of the 184,000 $UNI tokens burned on September 4th came from activities on Robinhood Chain. Thus, the network became by far the largest
The increase was driven by a sharp rise in trading volume on the decentralized exchange Robinhood Chain. The network’s daily DEX volume exceeded $3 billion for the first time on the same day, while Uniswap’s share of total volume reached 98 percent.
Robinhood Chain has been making headlines recently due to its high activity levels. It continues to stand out, especially in the memecoin market.
*This is not investment advice.
Source: <a href="https://cryptonews.net/news/market/33402289/” target=”_blank” rel=”nofollow noopener”>cryptonews.net