[The drop was 90%—will the story from 2019 repeat this time?]
In April 2019, a big-name influencer on Weibo wrote a long, forceful post saying that a certain coin he was heavily invested in had already fallen 90%, making it severely oversold and an absolute “golden pit.” As it turned out, that coin later fell another 80%—and it wasn’t because the project team ran away; it was that the FOMO sentiment triggered by that long post helped the market makers successfully offload their positions.
You think it’s a bargain bottom—actually, you’re the one getting bagged.
UNI’s situation now is quite delicate. At $4.62, it’s down 90% from its all-time high—those numbers would tempt anyone. In the past 24 hours it’s up 5.3%, and in 7 days it’s up 20.8%. Trading volume is fairly high, and momentum is indeed there.
But I want to pour some cold water on it.
A 90% drop wasn’t for nothing. As the leader among DEXs, Uniswap has high gas fees and a poor user experience. Meanwhile, similar products on Solana offer experiences several steps ahead. These are all “on-the-record” issues. A 90% drop doesn’t mean the market was wrong—it means the market is pricing in these problems.
Whether this rally can last depends on one thing: can Uniswap prove in real-world usage scenarios that it’s worth the price? You can pump it up with hype and coordinated buying, sure—but you can’t hold it without real support.
If you have positions, hold the $4.25 support. If you don’t have a position, don’t rush to jump in. Oversold rebounds have happened too many times. Projects that can truly break through successfully aren’t that many.
So what do you think about this UNI move? Are you itching to buy, or are you staying steady? Let’s talk in the comments.
In April 2019, a big-name influencer on Weibo wrote a long, forceful post saying that a certain coin he was heavily invested in had already fallen 90%, making it severely oversold and an absolute “golden pit.” As it turned out, that coin later fell another 80%—and it wasn’t because the project team ran away; it was that the FOMO sentiment triggered by that long post helped the market makers successfully offload their positions.
You think it’s a bargain bottom—actually, you’re the one getting bagged.
UNI’s situation now is quite delicate. At $4.62, it’s down 90% from its all-time high—those numbers would tempt anyone. In the past 24 hours it’s up 5.3%, and in 7 days it’s up 20.8%. Trading volume is fairly high, and momentum is indeed there.
But I want to pour some cold water on it.
A 90% drop wasn’t for nothing. As the leader among DEXs, Uniswap has high gas fees and a poor user experience. Meanwhile, similar products on Solana offer experiences several steps ahead. These are all “on-the-record” issues. A 90% drop doesn’t mean the market was wrong—it means the market is pricing in these problems.
Whether this rally can last depends on one thing: can Uniswap prove in real-world usage scenarios that it’s worth the price? You can pump it up with hype and coordinated buying, sure—but you can’t hold it without real support.
If you have positions, hold the $4.25 support. If you don’t have a position, don’t rush to jump in. Oversold rebounds have happened too many times. Projects that can truly break through successfully aren’t that many.
So what do you think about this UNI move? Are you itching to buy, or are you staying steady? Let’s talk in the comments.