SUSHI surged 100% higher in one week and became the best-performing crypto asset in the past few days. It surged by 30% in one day and gained the position as the best-performing coin in the top 100 by market cap as we are reading more in today’s altcoin news.
SushiSwap’s SUSHI token was one of the best-performing crypto assets over the past few days and in the past day it even increased by 30%, making it the best-performing asset in the top 100 by market cap. The analysts are now confident that the crypto asset has still a lot of room to grow to the upside despite the rally of 100% higher in the span of one week. SUSHI surged 100% in one week because it seems to be related to a strong uptick in the retail and institutional interest in the asset. Sam Bankman-Fried, the CTO of FTX and CEO of Alameda Research said:
“Sushiswap had a really shitty autumn, as the glow of DeFi summer wore off and the memory of NomiGate lingered. And during that…. it just kept on building. I’m not really involved in what Sushi is doing, but I’m happy to see it keep pushing the industry forward.”
This came right after the popular fund Future Fund already announced that they are interested in the cryptocurrency. The fund commented on technological developments and releases like options-based impermanent loss mitigator as well as a lending solution but of course, many other improvements that could help the protocol improve. There are also plenty of investors and analysts in the space which spoke about the cryptocurrency which also helped boost the user interest that will inevitably drive the prices higher.
SushiSwap seems to be benefiting from the expectations that the UNIswap liquidity mining incentives will finally conclude so platforms like itself will benefit as it experiences a surge in liquidity. If this happens, remains to be seen, and also it remains to be seen whether the liquidity mining period for the platform still has a few days to go. SUSHI’s rally is a byproduct of the rally across the Defi space since the top coins on ETH and risk specters rallied quite a lot from their local lows.
Sushi at one point was the most sold-off coin during the Defi Correction in October. Its fundamentals improved therefore the price trajectory has as well. The cryptocurrency will continue to increase higher in the upcoming weeks and months ahead as the Defi space goes on to get back on its feet after the recent crash.
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