{"id":449854,"date":"2020-11-16T11:22:54","date_gmt":"2020-11-16T11:22:54","guid":{"rendered":"https:\/\/uniquehot.com\/?p=449854"},"modified":"2024-06-11T12:47:18","modified_gmt":"2024-06-11T12:47:18","slug":"trolled-defi-token-sushiswap-posts-200-revenge-rebound-whats-ahead","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/defi\/trolled-defi-token-sushiswap-posts-200-revenge-rebound-whats-ahead\/","title":{"rendered":"Trolled DeFi Token SushiSwap Posts 200% Revenge Rebound; What’s Ahead?"},"content":{"rendered":"

It was not long ago when SushiSwap had earned itself the tag of “exit scam<\/a>.”<\/p>\n

In early September, the decentralized exchange’s co-founder, known by the alias “Chef Nomi,” liquidated his SUSHI holdings. His move resulted in a 75 percent decline in the SushiSwap government token’s rate, with many agreeing that Nomi dumped the DEX project onto its community.<\/p>\n

Between then and November 4, 2020, the SUSHI\/USD exchange rate<\/a> fell by 96 percent. But from November 5, the pair started witnessing a new wave of capital injection. It surged by as much as 205 percent as of November 15 close, trading at $1.44.<\/p>\n

\"DeFi,<\/a>
SushiSwap lifetime performance. Source: SUSHIUSD on TradingView.com<\/figcaption><\/figure>\n
SushiSwap lifetime performance. Source: SUSHIUSD on TradingView.com<\/a><\/pre>\n
What Pumped SushiSwap?<\/h2>\n
The reason why SUSHI had a revival rally remains unexplainable.<\/p>\n
Some analysts believe that it surged relentlessly because of UniSwap. A rival decentralized exchange, UniSwap’s prominent liquidity mining program<\/a> is coming on November 17. It was launched earlier alongside UNI, UniSwap’s governance token, to tackle DEX competitors’ growth like SushiSwap.<\/p>\n
As the program ends, UniSwap’s liquidity pool will release a cluster of stablecoins, ETH, and Wrapped Bitcoin into the DeFi market. Some of the capital could end up entering the SushiSwap’s pool, thus increasing pushing SUSHI’s spot rate upward.<\/p>\n
Meanwhile, other factors that strive to claim credits for the ongoing SushiSwap rally concern its development as a DEX protocol<\/a>. Its major upgrades in recent weeks promise to make it a unique decentralized exchange, away from the shadows of its rivals like UniSwap.<\/p>\n
These developments include methods to eliminate impermanent loss, a native limit order feature, and a decentralized lending and borrowing platform. Analysts believe that a new and upgraded SushiSwap should improve SUSHI’s value proposition. Hence, it rallies.<\/p>\n
“SushiSwap’s dark horse narrative comprises 3 main elements: Market proven product yielding stable cashflow, Product releases with strong USP factor, and Near term catalyst,” wrote a capital allocator associated with Defiance Capital.<\/p><\/blockquote>\n
“Together, they construct a powerful narrative for Sushiswap’s recovery – and why it’s far from over,” he added.<\/p>\n
\n
1\/ Some of you are wondering why $SUSHI<\/a> has been pumping. <\/p>\n
Sushiswap? Wasn't that the dead $UNI<\/a> fork that got hacked by the founder 2 months ago? <\/p>\n
Surprisingly, $SUSHI<\/a> never left. Instead – it has silently been building in the background. <\/p>\n
Let me break it down for you
\ud83d\udc47<\/p>\n
— Wangarian (@0xWangarian) November 15, 2020<\/a><\/p><\/blockquote>\n