UNI soars nearly 23% following cryptic social media post

UNI experienced a significant surge of almost 23% in its price after a mysterious social media post created excitement among investors. This rise followed a previous decline caused by the postponement of UNI’s fee mechanism vote. The cryptic post on X hinted at an upcoming announcement, generating speculation and anticipation among community members. Prior to this surge, UNI had endured a decline of more than 9% due to the postponement of the fee mechanism vote, which had left some investors disappointed. This disappointment potentially triggered selling pressure from short-term holders who had anticipated a rise in UNI’s price after the vote. The fee mechanism proposal aimed to distribute a portion of Uniswap’s revenue to UNI token holders who had staked and delegated their tokens for governance, with the intention of incentivizing participation in governance and important protocol decisions. The announcement is expected to either reveal a new date for the fee mechanism vote or announce the launch of Uniswap v4. However, there is also speculation that the announcement could involve a collaboration between Uniswap and KidSuper, a fashion NFT figure, for the release of an NFT mystery box. If the announcement fails to meet the bullish expectations, UNI may experience a correction in the near future, particularly considering the significant net inflow of over 430.9K UNI to exchanges in the past 24 hours.