SushiSwap took a backseat in volume during the month of April after the decentralized exchange saw decreased liquidity due to the bearish market trend.
April proved to be a difficult month for decentralized exchanges, primary for SushiSwap. The DEX recorded around $3.45 billion in volume during the fourth month of 2022, according to Be[In]Crypto research.
Although this figure seems high when you consider the trading volumes of competing DEXs such as Kyber, MooniSwap, ShibaSwap, 1inch LP, DODO, Synthetix, Balancer, Bancor Network, and Ox Native, the trading volume for SushiSwap was down from March.
SushiSwap trading volume in March 2022 was approximately $3.65 billion, a 5% decline in 30 days.
Volume still decreasing from 2021
The fall in volume over the last month could have a detrimental effect on the fortunes of the exchange since it competes with DEXs on Cardano, TRON, Binance Smart Chain, Solana, and Ethereum. Its trading volume dipped 70% since April 2021, which saw $11.77 billion in volume recorded.
SushiSwap recorded an all-time high monthly volume of around $25.21 billion in May and this declined to $16.44 billion and $15.05 billion by the end of October and November 2021 respectively. Trading volume for the DEX in the last month of the year was in the region of $10.98 billion.
April 2022’s trading volume was 86% and 68% below that of October and December 2021 respectively.
Decreased investor interest in cryptocurrencies which has led to a decline in transaction counts is largely responsible for the waning volumes.
The transaction counts for SushiSwap in April 2021 was 106,997 with a single-day high of 4,996.
This fell by 75% to 25,715 in April 2022 with a single-day high of 1,406.
SUSHI price reaction
SUSHI opened on April 1, 2022, with a trading price of $4.40, reached a monthly high of $4.78 on April 2, and closed the month at $2.32. Overall, this equated to a 47% decrease in the price of the coin.