Sushi Token Manages to Recover After Drastic 70 Percent Dip


    The DeFi token had a dramatic sequence of events in the past week.

    It plunged heavily, nearly 70 percent, yet to cope up with the crumbling situation

    Band protocol distances itself from the sushiswap protocol

A Gruesome Weekend for the Token

Most of the digital tokens in the crypto space including the DeFi tokens had plunged over the past week. Sushi token also had surged to its highest level of $11 at the beginning of September 2020. But the sudden increase of the token to less than $3 in just three days created a whole bunch of uncertainty over the coin.

Further, the token surged from $1.24 on Sep 06, 2020, to $3.46 the very next day. It recorded an almost 100 percent surge within 24 hours. However, everything fell in vain with the announcement of the anonymous creator of the token.

sushi price chart

The token fell miserably losing nearly 50 percent of the value within hours of reaching above $3 mark. Currently, the token is trading at $2.21 with a loss of 30.51 percent. However, the 24-hour volume recorded the highest in these two days speculating a furthermore pump with the digital asset.

Band Protocol Distances Itself From Sushiswap

The headlines of the Band protocol being involved with SushiSwap had widespread. As the CTO of Band protocol, Sorawit Suriyakarn did an initial code to review Sushiswap. With the rounds of bugs in the code, the CTO reviewed as he did for many other projects too.

However, Suriyakarn after discovering the accusations of being the anonymous creator of Sushiswap ‘NomiChef’ went on twitter to clear the rumours. He said that he is not the creator of Sushiswap terming it as a personal attack on him.

The official statement was also released by the BAND Protocol on Monday,07 Sep 2020, terming all the circulating news as ‘Fake’. In the official tweet, the company said that they are not involved with Sushiswap in any terms.

But interestingly, a blockchain business development manager called CryptoBeast has claimed that the IP addresses of both SushiSwap and Band Protocol are the same. 

On the contrary, there is no official response from the SushiSwap team or the creators for the statements done by Band protocol. The token has fallen in the well of uncertainty after the unexpected event of the creator liquidating the whole Sushi and ETH holdings. Many speculate it as a scam but some still believe the token would give a tough fight back.

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Sara K

Sara is steadily working on cryptocurrency evaluations, news, and fluctuations in digital currency prices. She is guest author associated with many cryptocurrencies admin and contributes as an active guide to readers about recent updates on virtual currencies.

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