SushiSwap (SUSHI) Undergoes 10% Rally Despite Ethereum Drop
SushiSwap’s native token, SUSHI, has undergone a strong rally over the past 24 hours. The leading cryptocurrency is up 10% in the past 24 hours, pushing to multi-week highs after a few days of slow price action.
SUSHI’s rally comes as Bitcoin has thrust higher, pushing to new all-time highs at $29,500. The leading cryptocurrency currently trades for $29,000 after a slight correction.
The rally in the Ethereum-based coin of SushiSwap is taking place as ETH corrects. Ethereum is down 1.5% in the past 24 hours, which would often mean that altcoins underperform.
Related Reading: Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment
SUSHI Rallies With Other DeFi Coins
SushiSwap’s rally over the past 24 hours to 48 hours comes as the DeFi market has finally mounted some sort of recovery.
Many top decentralized finance coins, such as UNI and YFI, have faced strong corrections over recent weeks. While Ethereum has been rallying, most attention has been focused on Bitcoin and smaller altcoin groups. This has resulted in capital outflows from these altcoins into BTC and these other more niche markets.
DeFi is finally rallying, though, as Bitcoin’s momentum may be slowing.
SUSHI is one of the top-performing crypto assets of the past 24 hours. It is the best-performing DeFi large cap of the past day aside from THORChain’s RUNE, which has gained 15% in the past 24 hours.
Related Reading: DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP
Strong Fundamental Trends
SUSHI’s rally comes on the back of strong fundamental trends for the SushiSwap platform itself. Andre Cronje, founder of Yearn.finance, said on SushiSwap and SUSHI when he announced a partnership between the protocol he founded and the exchange:
“I had been outspoken in the past about the things that Sushiswap did wrong, but I cannot overstate how much they have done right. In the past weeks of interacting with 0xMaki I have developed immense respect for their character, their capabilities, and their execution. Boring, has given me a similar experience, and shown me to be an incredibly strong, motivated, and talented developer, quickly catching mistakes that I did not notice. These two alone would be invaluable to have along for our mutual journey, yet the Sushiswap team is so much more and they will continue to grow.”
Developers are expected to soon roll out a new platform called BentoBox.
This BentoBox solution will be an on-chain lending solution that will enable margin trading for the long-tail of assets on Ethereum. SUSHI is expected to accrue value from this launch as stakers of the coin should earn more.
Related Reading: 3 Bitcoin On-Chain Trends Show a Macro Bull Market Is Brewing
Featured Image from Unsplash Chart from TradingView.com Price Tags: SUSHIUSD, SUSHIBTC, SUSHI SushiSwap (SUSHI) Undergoes 10% Rally Despite Ethereum Drop
OhNoCrypto
via https://www.ohnocrypto.com
Nick Chong, @KhareemSudlow
