- The popular DEX SushiSwap in the DeFi ecosystem has seen a lot of improvement over the past few months. The SushiSwap token also reflects this growth and has recorded gains of over 170 percent since the beginning of 2021. At press time, SUSHI was ranked 46th on the CoinMarketCap list with a transaction value of over $ 7.2.
The popular DEX SushiSwap in the DeFi ecosystem has seen a lot of improvement over the past few months. The SushiSwap token also reflects this growth and has recorded gains of over 170 percent since the beginning of 2021. At press time, SUSHI was ranked 46th on the CoinMarketCap list with a transaction value of over $ 7.2.
While Sushiswap’s price action last month exceeded expectations, it is clear that SUSHI, like the altcoin market, is not immune to the influence of Bitcoin. The cryptocurrency correlated strongly with Bitcoin and saw price corrections consistent with Bitcoin last month. Recently, the Sushiswap price dropped more than 38 percent on January 11, and Bitcoin had an 8 percent drop last week. SUSHI reflected this move and saw the transaction price fall by about 28 percent.
However, looking at the token’s performance since the January 21 price drop, the price action looks quite promising, with the strong bullish momentum supporting the coin. In the past 48 hours, the coin has managed to recover 100 percent and maintain its position above the $ 7 level. Interestingly, this recovery study of Santiment and its data on the overall bullish momentum SUSHI pointed to one aspect of the token’s user base, whale accounts.
SushiSwap whale accounts dominate the price
Whale accounts, through their scales, have the ability to shake the price when it comes to the price action of a cryptocurrency on charts. According to the data highlighted by Santiment, the Sushiswap price significantly benefited from the large-scale addresses that received and stored the token.
Since the beginning of the year, whale addresses for SushiSwap have increased. Accounts with over 100,000 SUSHIs have skyrocketed by 74 percent in the past two weeks. This reflected well on the token for its price on the charts. Compared to the token’s valuation before the Bitcoin bull rally started, SushiSwap’s current price is extremely good.
The current $ 7.2 price point may seem like a lot, given the popularity of the DEX and the token and the remarkable developments in the recent past. A few weeks ago, SushiSwap’s roadmap for 2021 announced its integration plans with Polkadot from the second quarter of this year. These momentum and developments could aid price discovery for SushiSwap, even if it breaks the $ 7.4 resistance. This was a key level for cryptocurrency, and the last few days have seen multiple failed attempts.
Compared to other tokens like Uniswap, SUSHI’s bullish performance is obvious. The capital efficiency metric, which looks at the efficient use of liquidity, is a good example at this point and shows how consistently the coin is caught.
However, given the large whale accounts continuing to grow and the strong sense of hunting, SushiSwap’s $ 7 valuation is likely to see a significant increase. Given the current market conditions and the strong fundamentals of the coin, an ongoing uptrend seems to be a matter of ‘when’ rather than ‘if’.