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UNI token jumps over 20% after burn-proposal news amid broader altcoin fluctuation
Uniswap’s UNI token spiked over 20% after a burn-proposal announcement, as several altcoins suffered large drops amid dollar strength and market rotation.
The governance token of Uniswap, known by the symbol UNI, surged more than 20% in intra-day trading following the announcement of a token-burn proposal by its development DAO. Meanwhile, several smaller tokens such as Canton Network witnessed sharp declines of around 33% amid a stronger US dollar and muted crypto market breadth. Trading volumes for altcoins saw a noticeable uptick.
Market participants note that token-burn and protocol-upgrade announcements continue to drive short-term volatility in decentralised finance (DeFi) ecosystems.