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SushiSwap’s SUSHI Continues Ascent, Rallies 10% on $1B in Deposits

Other 2020/11/21 00:07 by Nick Chong

SushiSwap has once again taken center stage in the decentralized finance (DeFi) space. The decentralized exchange’s liquidity has seen an exponential explosion over recent days while the SUSHI token itself has gained 200% from the local lows set just weeks ago.

SushiSwap has had a bit of a storied history. It was launched as a fork of the Uniswap exchange just months ago, managing to beat Uniswap temporarily, then dropped into the shadows for a few weeks due to the initial controversy around the Nomi Chef situation.

SUSHI seems poised to rally further as the project gains fundamental strength and goes on a path independent of Uniswap.

Related Reading: Here’s Why Ethereum’s DeFi Market May Be Near A Bottom

SUSHI Surges 10% Higher

SUSHI has surged 10% higher in the past 24 hours, pushing to new multi-month highs at $1.67. The coin is one of the best-performing assets in the top 100 coins by market capitalization, only underperforming Polkadot, DFI.Money (YFII), Waves, and Ampleforth.

Analysts think that SUSHI has room to rally in the weeks ahead.

SUSHI has bounced over 200% from the local lows set just weeks ago.

Related Reading: Tyler Winklevoss: A “Tsunami” of Capital Is Coming For Bitcoin

Why is SushiSwap Gaining Strength? 

This rally seems to be predicated, not technical trends.

The total locked value of the SushiSwap ecosystem has shot higher past $1 billion for the second time in its history. This is a result of SushiSwap launching SUSHI liquidity rewards for the pools from which Uniswap pulled UNI rewards, resulting in a rapid shift from Uniswap to SushiSwap.

The developers of the exchange are also working on a number of new products that will decisively set it apart from other decentralized exchanges.

These include a limit order for easier trading, impermanent loss mitigation techniques, and the introduction of a decentralized lending and borrowing service to allow traders to obtain leverage on Ethereum coins.

Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Shutterstock
Price tags: sushiusd, sushibtc
Charts from TradingView.com 
SushiSwap's SUSHI Continues Ascent, Rallies 10% on $1B in Deposits

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