Sushiswap’s SUSHI bounced 10% with the entire market in recovery mode over the past week. The coin managed to recover from the strong drop the past week and fell alongside ETH and BTC as well as with the rest of the DeFi market. now, the price of the currency is set at $1.95 in a strong move lower so let’s find out more in today’s altcoin news.
The move was really fast and deep than the drops in other cryptocurrencies but the market was quick to pick up. SUSHI bounced 10% over the past 24hours and pushed from the $2.00 region to $2.22 as it recovered with BTC and ETH in line. Bitcoin trades at $18,800 at the time of writing since it moved higher after many days of consolidation in the lower $18,000 region. Many think that BTC benefited from the news by Microstrategy, the company that already purchased BTC three times with now announcing they will purchase $650 million more. The purchase will have a huge impact on the market even if it is purchased algorithmically.
SUSHI could be rallying even more as BTC leads the rest of the crypto-asset market and there are also fundamental trends that are expected to drive the cryptocurrency higher. Sushiswap’s developers are now working on a core product named BentoBox that will give more value to those that will use the core decentralized exchange. BentoBox will become a money market solution that will allow users to margin tokens as the developers explained:
“Platforms like Compound and Aave allow users to deposit assets as collateral and borrow other assets against this. These protocols have attracted billions of dollars, but they suffer from some major limitations. Taking away these limitations could see much larger adoption. This proposal aims to do just that… This will allow for the creation of thousand of lending pairs for any token, creating the ability to go margin short on a large variety of tokens. This is something that is in high demand, but currently not available for most tokens.”
Many think that this will add more value to the SushiSwap ecosystem and could result in more fees that are distributed to the SUSHI holders. Quantsamp is now auditing the new product.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]