British Banking Giant Standard Chartered Announces Long-Term Price Forecast for Altcoin UNI!

British banking giant Standard Chartered has made noteworthy assessments regarding its long-term outlook for Uniswap’s native token, UNI. Geoffrey Kendrick, head of the bank’s digital asset research unit, stated that the collaboration between Uniswap and Robinhood has yielded stronger results than expected and that the previously projected 2030 price target for UNI may remain conservative.

According to information reported by The Block, Kendrick stated that there was a significant increase in the rate of UNI token burning after the Robinhood-related fee-sharing mechanism was launched on July 27th. According to the analyst, the volume of UNI tokens burned nearly doubled after that date, reaching $90 million on an annualized basis.

Kendrick stated that, based on current prices, this corresponds to approximately 25 million UNI tokens, meaning that more than 4% of the circulating supply is removed from the system annually. It is assessed that this decrease in supply could put upward pressure on the UNI price if demand is maintained or increases.

However, Standard Chartered also stressed that maintaining the current burning rate for a long time may be difficult. Kendrick stated that even if the UNI price rises to his projected level of $6.50 by the end of 2026, the annual burning rate would remain around 2.2 percent. According to the analyst, this rate still indicates a fairly strong supply reduction mechanism in the long term.

Kendrick also stated that the introduction of new Robinhood-like partnerships in the future could have a greater impact on the UNI token economy. It is estimated that if usage and token burning continue, even Standard Chartered’s previously announced target of $100 UNI by 2030 may prove insufficient.

Experts say that if the growth in the decentralized finance (DeFi) sector continues, UNI could remain one of the most closely watched crypto assets in the coming years.

*This is not investment advice.

Continue Reading: British Banking Giant Standard Chartered Announces Long-Term Price Forecast for Altcoin UNI!