Evaluating SushiSwap’s [SUSHI] renewed tenacity amid possible tribulation
- Deposits on SushiSwap continue to increase despite potential probe.
- The community is in support of the legal fundraising as sentiment around the project reflects optimism.
Between 21 March and the time of writing, activities on the SushiSwap [SUSHI] protocol remained increasingly steadfast. Surprisingly, this has been the case despite a recent revelation that the Automated Market Maker (AMM) could face the wrath of the ever-lurking SEC.
Realistic or not, here’s SUSHI’s market cap in UNI’s terms
According to DeFi Llama, SUSHI’s TVL had increased by 12.04% on a monthly basis. The TVL is a metric used to measure the overall health of a protocol. The higher the TVL, the more asset a protocol had locked in its ecosystem.
Standing strong amid the trial
However, SushiSwap resisted the expected drop in TVL as a result of SEC’s subpoena. Instead, the metric increased by another 2.83% in the last 24 hours. This means that 2020’s Uniswap [UNI] fork maintained a healthy level of unique deposits into the 24 chains under its belt.
Furthermore, SushiSwap’s CEO Jared Grey’s revelation drove the project to rank high among the most searched on 21 March. This inference was based on the social volume data acquired from Santiment. According to the blockchain validation hawkshaw, SUSHI’s social volume rose to 46.66 within the said period.
In a more perplexing observation, the weighted sentiment also increased. The metric combines positive and negative comments. It also takes the social volume trend into account. At press time, the weighted sentiment was 0.246. This hike implied that the feeling toward SUSHI remained positive.
Community sentiment revolves around positivity
But why has this been the case despite the investigation into the project’s activities? Well, voting from Grey’s communique showed that the SushiSwap community was resolute in supporting the proposal. At press time, 77% of voters supported the proposal for the legal proceedings. So, it might not be shocking that the overall sentiment lingered in confidence.
Additionally, active addresses on the SushiSwap network increased to 484 in the last 24 hours. The active addresses refer to the number of unique addresses that have sent or received at least one successful transaction within a period.
How much are 1,10,100 SUSHIs worth today?
So, the information implies that SushiSwap’s network has had a higher number of participants than the day before. However. the impact on the SUSHI price was almost non-existent.
Based on CoinMarketCap, the cryptocurrency’s 24-hour price performance was 1.39%. increase. But within the same period, the volume rose to 64.98 million. This means that a higher number of tokens were involved in transactions irrespective of the gains or losses recorded by participants.