The popular Ethereum decentralized exchange (DEX) SushiSwap is pulling numbers despite a blood-red market.
Covered:
- SUSHI Price Action
- Big Changes Coming to SushiSwap?
As Bitcoin takes a nosedive below $48,000, the overall crypto market is seeing double-digit drawdowns across the board. SushiSwap (SUSHI), on the other hand, seems to have forgotten the memo and is shining bright green today among a sea of red. What’s behind Sushi’s strength and where is the project heading in the next few months?
SUSHI Price Action
After a clean breakdown from support back at roughly $10.50 in November, SUSHI came toppling down more than 50% before bottoming out right at $5. In the past week, however, SUSHI is making a strong comeback. At the time of writing, SUSHI is trading at $9.34, up over 83% in the past week.
As you can see from the volume, traders were not nearly as interested in SUSHI when it sat around the $8-$12 range, however, the strong increase in volume we’re seeing now indicates that a lot of crypto traders stepped in to scoop up the dip at $5.
— Hsaka (@HsakaTrades) December 28, 2021
As highlighted by the popular crypto trader Hsaka, SUSHI is the clear standout performer. As the price keeps defying gravity, you might be asking why traders have suddenly decided that SUSHI is a great buy.
Big Changes Coming to SushiSwap?
If you weren’t aware, there’s a lot of change going on behind the scenes among the SushiSwap team. Most notably, the DEX’s chief technology officer (CTO) Joseph Delong stepped down late last week and warned that the platform is “imperiled.”
In the interest of the Sushi Community I am resigning as CTO effective immediately. I very much enjoyed the things that we built together and will look back positively on this moment. pic.twitter.com/7pZsQuPgup
— Joseph Delong (@josephdelong) December 8, 2021
However, this news didn’t stop the crypto community from stepping in to try and save the project from peril. Specifically, Daniele Sestagalli, one of the top developers of the Avalanche (AVAX) network, has proposed absorbing SushiSwap into the Avalanche ecosystem. Sestagalli works on developmnent for two of Avalanche’s propular decentralized finance (DeFi) protocols, Abracadabra and Wonderland.
My proposal to Restructure $SUSHI . https://t.co/dmqcIIOD4W Long Live Sushiswap. #OccupyDeFi
— Daniele ✊ (@danielesesta) December 13, 2021
The proposal reads:
“Sushi’s expansion and growth have been non stop – it’s time to give Sushi additional resources and autonomy to continue and better define its mandate and governance during a time when it needs it the most.”
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While the move is not finalized, absorbing SUSHI into the Avalanche network would bring a whole new slew of developers to back the project, something that’s clearly needed given the words of the DEX’s former CTO.
If you want to learn more details about the proposed changes to Sushi, including changes to tokenomics and governance, click here.
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