SUSHI, the token of SushiSwap decentralized exchange (DEX) soared up in price by more than 21% during the past 24 hours and is one of the best performing DeFi tokens at the moment.
The currency of the third biggest DEX on Ethereum trades $9.24 at the time of publishing. This is is more than 70% during the past 7 days.
The increased demand marks the token’s attempt to beat up the $9.42 highest level of yesterday. SUSHI token reached it the first time since December 6th, when it dropped to $4.93, the lows last seen in January 2021.
According to blockchain analytics Santiment, whales with 100K to 10M of SUSHI tokens in their accounts increased their holding with almost 10% of SUSHI total supply since November. This is more than 24.2 million of SushiSwap tokens.
$SUSHI holders continue to see a nice payoff for sticking with the $ETH-based #DeFi asset through the tumultuous early December dip. Whale addresses with 100k to 10m have now accumulated a whopping +9.7% of the #Sushiswap supply since November 1st. https://t.co/cgelUMnpWe pic.twitter.com/rTJm3knlGt— Santiment (@santimentfeed) December 27, 2021
One of the possible reasons behind SushiSwap price recovery could be rumors of Daniele Sestagalli, the prominent DeFi figure, joining SushiSwap.
The talks spread out after Sestagalli posted a tweet regarding a SushiSwap governance proposal he has been addressed earlier.
Imagine getting 100% of the fees of Binance distributed to you. That’s the future of $SUSHI holders. A DEX owned by Frogs made for Frogs.— Daniele (@danielesesta) December 27, 2021
SushiSwap has been going through a governance crisis for some time. One of the initial leaders behind the project’s creation in 2020, CTO Joseph Delong, recently left SushiSwap regarding the internal conflicts.
On the Flipside:
- The concentration of SUSHI supply in the hands of large holders is high, sitting at 86% according to CoinMarketCap.
- The prominent DeFi project has been involved in a rug pull scam when its founder Chef Nomi took out millions of SUSHI tokens a week after SushiSwap launch in September 2020.
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