Why Uniswap Led a Crypto Crash This Week
The crypto market had a good week overall with Bitcoin and Ethereum rising by low-single-digit percentages until early morning on Friday. But at about 9 a.m. ET, the entire industry began to go into a tailspin.
According to data provided by S&P Global Market Intelligence, as of noon ET Friday, Dogecoin (CRYPTO: DOGE) was up by 9.5% over the past week but after a rapid decline of 10% in the last two hours, it's now down slightly for the week as of 3 p.m. ET. VeChain (CRYPTO: VET) was up 13.8%, only to fall by 10.6% in the past 24 hours and is now up just 3.2% for the week. Uniswap (CRYPTO: UNI) was hit hardest and is now down 31% for the week.
Dogecoin was the favorite meme cryptocurrency of the last cycle, and it was up in large part because meme coins have become popular again. Newer tokens dogwifhat (yes, that's the name) and Pepe have hit multibillion-dollar market caps with little utility other than trading and a meme.
Source Fool.com
