Connect with us
Active Currencies 14431
Market Cap $2,650,272,055,975.30
Bitcoin Share 50.11%
24h Market Cap Change $-2.76

SushiSwap: Are traders enjoying SUSHI this financial quarter? This data suggests…

2min Read

Share this article

SushiSwap, one of the leading DEX’s in the crypto space, was a victim of the bear market like many others. However, a new Messari report suggested that SushiSwap may be showing some growth in terms of transactions and revenue.

____________________________________________________________________________________

Here’s AMBCrypto’s Price Prediction for SushiSwap for 2022-2023.

____________________________________________________________________________________

 The leading crypto analytics firm, tweeted about this development on 22 October. As per the data provided by Messari, SushiSwap witnessed growth on multiple fronts in the last seven days. Furthermore, Sushiwap’s revenue grew by 61.52% since the last week. Growth was also observed in Liquidity Pool transactions and Trading volume.

Moving on to some not-so-pleasant issues

Despite the growth that SushiSwap observed, it still lagged in certain domains. As can be seen from the image below, SushiSwap failed to compete with Uniswap when it came to pool values. Over the last few months, Uniswap managed to show significant dominance over SushiSwap in this regard.

Source: Dune Analytics

Despite both positive and negative factors being at odds with each other when it came to SushiSwap, its TVL remained relatively stable. Despite the slight depreciation in terms of TVL over the past couple of months, the overall movement of SushiSwap’s TVL was flat since the last few weeks. At press time the total value locked by SushiSwap stood at $491.47 million.

Source: DeFiLlama

One of the things that could be getting in the way of SushiSwap’s growth could be the decline in the number of new users being added to the network. As can be observed from the image below, the average number of new users per day on the SushiSwap network continued to decline since September.

To improve its chances of success in the future, SushiSwap may want to show improvements in this area.

Source: Dune Analytics

Coupled with that, there were other bearish signs against SushiSwap as well.

Some bear invites on the way

In the past few days, the number of daily active users on the SushiSwap network witnessed a decline. Furthermore, there was a sharp decline in network growth as well. A decline in network growth would indicate that the amount of new addresses that transferred SUSHI for the first time declined. This could infer that new addresses might be losing interest in SUSHI.

Source: Santiment

At the time of writing, the SUSHI token was trading at $1.33 and had appreciated by 2.22% in the last 24 hours according to CoinMarketCap. Its market cap had observed similar growth as well however, its volume depreciated by 20.40% in the same time period. 

Share

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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.