Prominent Bitfinex Trader Joe007 Says Uniswap (UNI) is Overvalued

Monday 21 September 2020, 11:22 PM AEST - 1 month ago


Prominent Bitfinex trader Joe007, who is well-known for holding massive positions on the price of bitcoin, has revealed he believes Uniswaps UNI governance token is overvalued.

On social media, where Joe007 is well-known for standing up for bitcoin and Bitfinex, and for being bearish on altcoins, responded to a user who asked him about his thoughts on the governance token. At the time, the tokens market cap was around $750 million, as its price surged shortly after launch.

Overvalued by about $625M

— Joe007 signals·alerts·funds are scams, all of them (@J0E007) September 18, 2020

Notably, the price of the cryptocurrency has ben plummeting after hitting an $8.5 all-time high on the day of Joes comment, and has now dropped to $4.39 according to CryptoCompare data. The cryptocurrencys market cap is now of $418 million.

The Bitfinex trader also commented on a bullish price prediction made by Bloomberg, which suggested BTC entered bull territory for the first time since the COVID-19 sell-off in March of this year, which took its price to little over $3,000.

Commenting on Bloombergs take, Joe007 noted that buying BTC at $4,000 would have been better than buying the cryptocurrency at its current levels, close to $11,000. The trader, who is known for his bullish stance on BTC in the long-term, noted that in the short term he is bearish.

On the microblogging platform he added that a lot of people are expecting a downleg but questioned whether they are prepared to buy into a real dump, like a repeat of early March – or worse? While the trader is bearish on the short-term, he pointed out he believes that in long run BTCs price will go up strongly, decisively, on high/growing volume.

One day BTC will go up strongly, decisively, on high/growing volume. It will cut through the most fearsome resistance lines like knife through butter, surprising all experts… and just continue to grow without retrace.I kinda doubt today will be the day.

— Joe007 signals·alerts·funds are scams, all of them (@J0E007) September 11, 2020

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