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Evaluating whether this new proposal can help SUSHI beat the bears

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SUSHI’s uptrend comes to an end, but here is what can change the plot 
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  • SUSHI Vesting Merkle Tree Clawback passed implementation with over 99% support. 
  • A few metrics and market indicators were bullish, but SUSHI’s daily chart was red. 

On 6 February, SushiSwap [SUSHI] announced that its proposal for Sushi Vesting Merkle Tree Clawback got approved for implementation. 

Realistic or not, here’s SUSHI’s market cap in BTC’s terms

For the uninitiated, the Sushiswap Merkle Distributor contract, known as the Sushi Vesting Merkle Tree, holds Sushi LP token awards for early liquidity providers to claim with fully vested tokens. According to the official announcement, there were over 10.9 million SUSHI idle in the distributor contract.

The goal of the clawback proposal was to obtain feedback from the community about whether to carry out a clawback. SushiSwap revealed that the deadline to claim tokens before the clawback’s trigger was 23 April 2023. 

How was SUSHI affected?

Even before this announcement, SUSHI remained a topic of discussion as it was on the list of the top DAO projects by social activity.

However, as these developments took place, SUSHI’s price took a U-turn as the token’s bull run ended. According to CoinMarketCap, SUSHI’s price decreased by 4% in the last 24 hours. At the time of writing, it was trading at $1.43 with a market capitalization of over $317 million. 

Nonetheless, SUSHI’s on-chain metrics showed signs of revival, which might reflect on SUSHI’s chart in the coming days. For instance, SUSHI’s exchange reserve was decreasing, which was bullish, as it indicated less selling pressure. Active addresses were increasing too, signifying a higher number of users on the network. 

Santiment’s chart revealed that SUSHI’s demand in the futures market increased as its DyDx funding rate registered a spike. Another positive metric was SUSHI’s development activity, which went up in the last few days. However, SUSHI’s MVRV Ratio was down considerably, which might push the token’s price further downward.

Source: Santiment

Read SushiSwap’s [SUSHI] Price Prediction 2023-24

Going ahead

A look at SUSHI’s daily chart revealed that there was a possibility of a bounce back. The Exponential Moving Average (EMA) Ribbon suggested that the bulls were still leading the market. SUSHI’s Chaikin Money Flow (CMF) registered an uptick and was heading above the neutral mark, which looked bullish.

The Relative Strength Index (RSI), after slightly declining, took a sideways path, which opened the opportunity for a price hike. SUSHI’s MACD, on the other hand, gave a bearish notion as it displayed the possibility of a bearish crossover.

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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