What's Driving Token Prices? April 17, 2024

Katie Talati
Apr 17, 2024

Join Katie Talati, Arca’s Head of Research, weekly on Wednesday at 4PM EST / 1PM PST as she shares notable token activity over the past week and her insights on what market events drove these token price movements.

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  • UNI (-37%) - Uniswap, the top decentralized exchange,  was frequently in the headlines this past week starting with an announcement that the company received Wells Notice from the SEC. For those unfamiliar with the concept, A Wells notice is a letter that the U.S. Securities and Exchange Commission (SEC) sends to people or firms at the conclusion of an SEC investigation that states the SEC is planning to bring an enforcement action against them. Hayden Adams, Uniswap’s founder, quickly communicated the news to the public causing many to believe this could hurt Uniswap’s future business opportunities. Hours after the announcement, Uniswap Labs quietly raised its fees for using Uniswap’s front-end interface from 0.15% to 0.25%. But, on a more positive note, Uniswap announced it is collaborating with the interoperability project, Across Protocol, to create a new cross-chain ERC20 standard for cross-chain swaps. 
  • LINK (-22%) - Last week Chainlink, a decentralized oracle project, launched "Transporter", an app that moves tokens and messages via its CCIP protocol. The app supports transfers and messages between Arbitrum, Avalanche, Base, BNB Chain, Ethereum, Optimism and Polygon. Chainlink, which launched in 2019, has largely focused on providing off-chain data to on-chain products (oracle services) but has recently expanded to interoperability solutions, creating its Cross Chain Interoperability Protocol (CCIP). 
  • GMT (-18%)—StepN, a Move—to—earn game, announced a partnership with Adidas on Monday to issue Adidas-branded collectibles through the game. StepN grew in popularity in early 2022 with its move-to-earn game, which rewarded users for taking walks and being active. As part of the partnership, StepN will raffle off co-branded Genesis Sneakers (NFT assets). 
  • TAO (-16%) - Bittensor, a decentralized version of OpenAI, was listed on both Binance and Crypto.com last week thus opening up access to an asset that was previously difficult to acquire. Bittensor (TAO) uses tokenization to incentivize machine learning models to join its network and provide AI services to end applications. The network has expanded rapidly in the past year as use cases for AI have exploded. The company now boasts several applications including a ChatGPT replacement, an image manipulation and generation application, and a proprietary trading network. 

DISCLAIMER: This commentary is not intended to be investment advice, investment research, or a recommendation. Please consult your investment professional for your own circumstances."

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Disclaimer: This commentary is provided as general information only and is in no way intended as investment advice, investment research, legal advice, tax advice, a research report, or a recommendation. Any decision to invest or take any other action with respect to any investments discussed in this commentary may involve risks not discussed, and therefore, such decisions should not be based solely on the information contained in this document. Please consult your own financial/legal/tax professional.

Statements in this communication may include forward-looking information and/or may be based on various assumptions. The forward-looking statements and other views or opinions expressed are those of the author, and are made as of the date of this publication. Actual future results or occurrences may differ significantly from those anticipated and there is no guarantee that any particular outcome will come to pass. The statements made herein are subject to change at any time. Arca disclaims any obligation to update or revise any statements or views expressed herein. Past performance is not a guarantee of future results and there can be no assurance that any future results will be realized. Some or all of the information provided herein may be or be based on statements of opinion. In addition, certain information provided herein may be based on third-party sources, which is believed to be accurate, but has not been independently verified. Arca and/or certain of its affiliates and/or clients may now, or in the future, hold a financial interest in investments that are the same as or substantially similar to the investments discussed in this commentary. No claims are made as to the profitability of such financial interests, now, in the past or in the future and Arca and/or its clients may sell such financial interests at any time. The information provided herein is not intended to be, nor should it be construed as an offer to sell or a solicitation of any offer to buy any securities, or a solicitation to provide investment advisory services.

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