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SushiSwap Volume Tests 2022 Low, Plunging More Than $8B

1 min
Updated by Geraint Price
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In Brief

  • SushiSwap volume plummeted further in trading volume in July.
  • Negative market sentiment led to a year-over-year decrease in July.
  • July 2022 saw SushiSwap volume reach $1.5 billion.
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SushiSwap saw a further plunge in trading volume during July due to a decline in the demand for several altcoins listed on decentralized exchanges (DEXs). 

SushiSwap hit a new low in July as the month proved to be one of the difficult periods in the history of the trading platform. 

The exchange recorded roughly $1.53 billion in volume during July, according to data from Dune Analytics. 

While this statistic may seem high compared to volume recorded by competing exchanges such as ShibaSwap, 1inch limit order protocol, Ox Native, and mStable, it was a 17% decrease from June. 

SushiSwap volume for June was approximately $1.8 billion. 

Source: Monthly Volume of DEXs by Dune Analytics

With the new low, SushiSwap also saw a 72% dip year-over-year in trading volume from July of last year.

 In July 2021, SushiSwap trading volume was in the region of $5.65 billion. 

Overall, the latest metric was also $8.36 billion below volume from the yearly high of $9.89 billion in January. 

What caused the drop in volume?   

The bearish market trends which extended to July impacted SushiSwap negatively since the exchange supports low-cap digital assets which see lower daily trading volumes

Aside from SushiSwap, DEXs which recorded more volume, such as Uniswap, DODO, Curve, Balancer, and Synthetix, also plummeted to new lows. 

SUSHI price reaction 

SUSHI opened on July 1, with a trading price of $0.9878, reached a monthly high of $1.66, tested a monthly low of $0.946, and closed the month at $1.45. 

Overall, despite a fall in volume, there was a 46% increase between the opening and closing price of SUSHI in July. 

Source: SUSHI/USD Chart by TradingView


In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions.

Raphael Minter
As a writer, researcher, and analyst of centralized and decentralized financial instruments (stocks, commodities, metals, and cryptocurrencies), he started experimenting with...