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.
SushiSwap volume for June was approximately $1.8 billion.
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.
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.