- The SushiSwap ecosystem was rocked recently when Lookonchain reported that a 4.08 million SUSHI token whale had unstaked its holdings
- GoldenTree followed suit and also unstaked its entire holding amounting to 53,695 SUSHI.
- As a result of these activities by market whales, SUSHI took a hit, trading at around $1.08
The SushiSwap ecosystem was rocked recently when Lookonchain reported that a 4.08 million SUSHI token whale had unstaked its holdings. What’s more, this is not the first time this whale has made a titanic move in the decentralized finance world. 3.78 million SUSHI tokens were staked at $3, and when the prices soared to around $11, it was all offloaded to Bitfinex for just $6.
Adding fuel to the already blazing fire, GoldenTree (recipient of 5.9 million SUSHI from Binance and FTX) followed suit and unstaked its entire holding amounting to 53,695 SUSHI. The tokens were bought for an average price of $1.24 and then moved to Binance with Cumberland’s help.
LookOnChain tweeted the report, showing a chart of high activity from whales.
- “A whale unstaked 4.08M $SUSHI($4.38M) 6 hrs ago.
- The whale received 3.78M $SUSHI last year and staked when the price was ~$3.
- Last time, the whale received $SUSHI at ~$11 and transferred to Bitfinex at ~$6
- Will he transfer $SUSHI to exchange at a loss again this time?”
However, due to these activities by market whales, SUSHI has taken a hit, trading at just $1.08 at present – 6% lower than 24 hours ago. That said, crypto still boasts an impressive 35% increase over the same period. Despite this dip, though, SUSHI has lost considerable ground against Bitcoin (4.61%) and Ethereum (4.3%).
With the recent news about interest rates going up courtesy of the Federal Reserve’s decision weighing heavily on the minds of investors across the crypto space, it remains to be seen whether or not SUSHI can recover any time soon from these aftershocks.
SUSHI Token in a Nutshell
SUSHI is the native token of SushiSwap, a decentralized cryptocurrency exchange that operates on the Ethereum blockchain. SushiSwap is a fork of Uniswap, another popular decentralized exchange, with the critical difference being that SushiSwap rewards liquidity providers with SUSHI tokens.
When a user provides liquidity to a pool on SushiSwap, they receive a proportional amount of liquidity pool tokens, which can be staked to earn trading fees and SUSHI rewards. Users can also trade SUSHI on SushiSwap or other exchanges and use it to pay transaction fees on the platform.
SUSHI has become a popular altcoin due to several factors. Firstly, the liquidity rewards incentivize users to provide liquidity to the platform, attracting more traders and liquidity, creating a virtuous cycle.
Additionally, SushiSwap has introduced several new features and innovations, such as “Kashi,” a lending and borrowing platform, and “BentoBox,” a yield aggregation platform, which have helped to distinguish it from other decentralized exchanges. Finally, SUSHI has gained attention from the crypto community due to its charismatic founder, Chef Nomi, who famously sold his SUSHI holdings before returning them to the project’s development fund.
