SushiSwaps whales may push the price even higher, heres why

Monday 25 January 2021, 2:46 AM AEST - 1 month ago

SushiSwap the popular DEX in the DeFi ecosystem has seen quite a few developments in the past few months. The SushiSwap token has also mirrored this growth and registered gains amounting to over 170 percent since the start of 2021. At press time, SUSHI has a trading value of over $7.2 is ranked 46th on CoinMarketCaps list.

While Sushiswaps price action in the past month has exceeded expectations, it is also evident that, much like the altcoin market, SUSHI is not immune to Bitcoins influence. The coin has shown a strong correlation with the king coin and in the past month have seen price corrections in sync with that of Bitcoin. Most recently Sushiswaps price fell by over 38 percent on 11 Jan and in the past week, as Bitcoin endured an 8 percent drop, SUSHI mirrored this move and saw its trading price depreciate by around 28 percent.

Source: SUSHI/USD, TradingView

However, if one were to look at the coins performance since the 21st Jan price drop, SUSHIs price action looks quite promising with strong bullish momentum backing the coin. In the past 48-hours, the coin has managed to secure a 100 percent recovery and maintain its position above the prized $7 mark. Interestingly, Santiments data regarding this recovery run and the overall bullish momentum SUSHI has pointed to one aspect of the tokens userbase – whale accounts.

Source: Santiment

Whale accounts through their sheer scale have the ability to rock the boat when it comes to a coins price action on the charts. As per the data highlighted by Santiment, Sushiswaps price has greatly benefited from the large scale addresses that have acquired and hodled the token.

lTdc7MR.gif

...

Read full story on AMBCrypto

Disclaimer: The content and views expressed in the articles are those of the original authors own and are not necessarily the views of Crypto News. We do actively check all our content for accuracy to help protect our readers. This article content and links to external third-parties is included for information and entertainment purposes. It is not financial advice. Please do your own research before participating.