SUSHI explodes 30% higher during the protocol upgrades, but also thanks to the rally in the long-standing blue DeFi chips. The token is up by 30% in the past 24hours alone, making it the top-performing crypto assets in the top 100 by market cap as we are reading more in the altcoin news.
The rally came amid a strong technical upgrade for the crypto asset along with positive technical trends. SUSHI explodes 30% over the past 24 hours while Uniswap’s UNI also gained around 25% to 30% over the same time frame. Analysts suggest that the two coins are correlated:
“Never realized how correlated $SUSHI and $UNI were, even if that makes some sense. Both flipped H4 100 MA (beautifully) for the first time in ages, but still so much work to do when looking at the structures above.”
Uniswap is rallying higher because, in a few days’ time, the yield farming emissions of the tokens will end temporarily. This will stop millions of dollars worth of the coin from being sold on the market every day. SushiSwap has seen some positive technical upgrades over the recent weeks which could further boost the bull case. The protocol is looking to separate itself from Uniswap which was forked a few months ago. Analysts believe that Sushiswap will be able to get a nice niche for itself in the ever-competitive decentralized exchange market. the developers of the platform are looking to do this via multiple tools including methods to eliminate impermanent loss and a native limit order feature as well as the decentralized lending and borrowing platform.
These launches are expected to boost the SUSHI Value proposition as the new products will likely drive more revenue into the holders’ hands. While SUSHI could be back in vogue, there are some that believe it caused extreme damage to the DEFI cycle as one analyst commented:
“I think @QwQiao summed it up perfectly $SUSHI was the DCB. Feels like Feb 2018, could be another exit scam pump a la May 2018. But that’s just hopium IMO. Writing is on the wall. DeFi mini bubble started in May lasted 4-5 months, about as norm as you can get for crypto.”
1) Time for an update everyone!
Release of our newest UI ✨
Limit Orders 🛑
Bug bounty 🍣
Nansen Analysis 👀
Keep3r integration 🤝
— SushiChef (@SushiSwap) October 31, 2020
Whether or not this apprehension will disappear in the upcoming months, it remains to be seen.
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