Top trader Eugene is bullish on UNI, but the bullish logic will be invalidated if it falls below $6.50.

PANews, November 17 - Top trader Eugene stated on social media that since October 10, the crypto market has experienced a continuous 5-week pullback, and many investors have completed their dumping. In the case of a market rebound, he believes that projects driven by strong fundamentals will stand out, with Uniswap (UNI) becoming the focus due to its recent fee adjustments.

Eugene pointed out that the advantages of Uniswap include: previously considered uninvestable due to conflicts between equity and token holders, the team now supports token holders; as the narrative leader of the fee adjustment proposal, prices have almost returned to the levels prior to the proposal announcement. He believes that if the market finds a short-term bottom in major assets, UNI is expected to lead the rebound in the coming weeks, with the strategy failure point being UNI price falling below $6.50.

According to today's news, the proposal to activate the fee switch for Uniswap will soon enter a 5-day snapshot voting period, followed by a 10-day on-chain voting and execution phase. This proposal aims to activate the protocol fee mechanism and is expected to significantly impact the token economic model of UNI. If approved, this will be a major transformation for the Uniswap ecosystem and may bring direct benefits to UNI holders.