Sushiswap (SUSHI) has entered the $1 billion market cap level following a 278% price rally in 2021. It now ranks in the top 40 projects.
Decentralized exchanges have been the talk of the town in the past several months. Following the success of Uniswap, though, it was evident any competitors had an uphill climb under such dominance.
However, SushiSwap has proven to be a formidable competitor to Uniswap. The project now ranks 36 on CoinGecko. SushiSwap has seen its price climb by nearly 30% in the past week. Trading volume on the top three decentralized exchanges (DEX) has reached nearly $2 billion in daily volume.
A Rough Start for SushiSwap
SushiSwap has had a tumultuous journey to get to the top 40. As a forked version of Uniswap, it looked to compete against the very project it forked from. Moreover, straight out the gates, the project ran into problems.
The founder of SushiSwap, known as Chef Nomi, sold developer shares shortly after the project launched. The move led many within the community to cry foul. The $8 million in sold SUSHI was considered an exit scam by many. The price of SUSHI dropped 50% in price following the large sell-off.
However, the project recovered from the developer sell-off and continued building. Shortly after the developer sell-off, the project migrated away from Uniswap. The migration saw Uniswap lose $1 billion in liquidity overnight.
The project began to show signs of growth once again. Nomi Chef then decided to apologize for selling off the developer tokens. The developer then decided to return the $14 million in Ethereum back to the project’s treasury.
SushiSwap has continued to grow and evolve. The project now holds $2.2 billion in Total Value Locked (TVL) according to Defi Pulse. It’s a new all-time high for the project, which held one-tenth of that amount three months ago.
Sushi Price Roller Coaster
The roller coaster has seen the price of SUSHI drop dramatically before completing a full recovery in price.
Sushi currently sits at roughly $10.66. This is essentially a new all-time high if you disregard the listing price on Binance on the first day of trading.
Following the listing on Binance, the price saw a dramatic decline over a period of two months. Sushi dropped 94% from $9.0 down to $0.48.
However since the project’s all time low, it has rallied dramatically. Sushi has climbed 2,039% from $0.48 up to the current price.
It is evident that SushiSwap remains a serious competitor in the DeFi space. The project currently ranks second, behind Uniswap, with $458 million in daily volume. Furthermore, SUSHI has over $1.26 billion in trading volume across all exchanges. The growth of the project does not seem to be slowing down and could eventually rival Uniswap in the future.