Sushiswap (SUSHI) reached a market value of $ 1 billion after a 278% price increase in 2021. It is currently among the top 40 projects.
Decentralized exchanges have been the subject of the agenda in the past month. However, according to a report in BeInCrypto, it was clear that after the success of Uniswap, any competitor would face an uphill climb under such domination. Uniswap (UNI) reached ATH (all-time high) yesterday evening.
SushiSwap has proven to be a formidable contender for Uniswap. The project is currently ranked 36th on CoinGecko. SushiSwap witnessed its price increase by 30% last week. Among the top three decentralized exchanges (DEX), the trading volume approached $ 2 billion on a daily basis.
Tough start for SushiSwap
SushiSwap took a turbulent journey to make it into the top 40. As Uniswap’s fork, it seemed to compete with the project it was forked on. Moreover, the project ran into direct problems. The founder of SushiSwap, also known as Chef Nomi, sold its developer funds shortly after the project started. This move attracted many reactions in total. The $ 8 million SUSHI sold was considered an “exit scam” by many people. SUSHI price dropped 50% after the big sale.
However, the project survived the developer sale and continued to build. The project moved from Uniswap shortly after the developer’s sale. With the migration, Uniswap lost $ 1 billion in liquidity overnight.
Once again, the project started showing signs of growth. Chef Nomi then decided to apologize for selling his developer tokens. He then returned $ 14 million of Ethereum to the project’s treasury.
SushiSwap continued to grow and develop. According to DeFi Pulse data, the total locked-in value (TVL) of the project is $ 2.2 billion. This amount marks an all-time high for the project that held a tenth of that amount three months ago.
ATH at SUSHI price!
The SUSHI price dropped significantly before the price recovered completely. SUSHI is seen at $ 10.78 at the time of writing. But around 16:30, it hit an all-time high (ATH) on Binance as high as $ 10.80. Altcoin had entered 2021 at $ 3.
The project currently comes right after Uniswap with a daily volume of $ 458 million. In addition, SUSHI has a trading volume of over $ 1.26 billion on all exchanges.
It's easy to kick a man when he's down. In the wild west, things go wrong regularly. I was threatened, harassed & abused for saying $SUSHI had good fundamentals despite their shaky start.
It's now up 2400% in 90 days & worth $1B.
The fastest unicorn in crypto ever. Tick. 🍣🦄🏆 pic.twitter.com/zdBKuBxiHB
— Alex Saunders 🇦🇺👨🔬 (@AlexSaundersAU) January 31, 2021