SushiSwap Breaks $1 Billion Market Cap After 278% Rally

Share Article
In Brief
  • SUSHI has passed $1 billion in market capitalization.

  • The token also reached a new all-time high as it climbs over $10.

  • SushiSwap now holds $2.2 billion in TVL, ten times the amount from November 2020.

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

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.

Sponsored



Sponsored

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.

Sponsored



Sponsored

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. 

Source: Tradingview

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.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

Follow Author

Crypto predictions with the Best Telegram Signal with +70% accuracy!

Join now

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go