Sushi slipped down more than 60percent within 24 hours of the all-time high.
It recorded the highest 24-hour volume on Uniswap exchange.
Many continue to hold the token and expect a major bull run for the digital asset.
Market Capitalization on Sushi up by 200% in 48 hours
The newly launched token Sushi launched trade on 29 August 2020 and within a couple of days, a major pump with the token led to attaining its all-time high of $11.93.
The market capitalization of the token also rose more than 200 percent in just 2 days. The 24-hour volume on Uniswap Exchange reached its peak in the last 24 hours.
Sushi’s 24 hour volume had superceeded other tokens on the exchange recording $175.2 million. Moreover, Uniswap exchange also outperformed major exchanges like Coinbase, Kraken, etc in terms of trading volume.
However, the jump was short lived, as the token slipped down below $10 to touch $7.51 at the reporting time with a negative chane of 2.12 percent. The Sushi chart shows that the token is expected to maintain a very narrow trend in between $7 and $10.
Sushi Party On Standstill or to Continue
Sushi was successful to gain the momentum since its inception. This led to an increase in the circulating supply day by day. And therefore, the token’s price quickly slipped down and waiting for yet another pump. Some believe the pump will occur again in the coming days and holding the token is a good option.
But on the other hand, the DeFi space is witnessing the launch of new tokens every now and then. Hence, the pump of the new token is more likely than the existing one.
Now the prime focus is the token being listed on major exchanges as Binance could possibly help the token to regain the momentum. But the high fees could possibly hinder the future uptrend. As, if the whole thing collapses, the system might get more overloaded and therefore end up in paying more transaction fees.
What’s waiting for the token in the coming days?
Regardless of the recent dump, according to some reports it is still a pretty good option to rely upon. However,according to one of the user, the sushiswap migrator is not set and the owner can change it anytime. However, DYOR (do your own research) is always better than anything.
However, many of the analysts speculate the FOMO could have been the factor that attracted them towards the token. Further when the token jumped to $11, a reasonable pullback with high ETH fees could probably stop the influx of liquidity.
Collectively, Sushi tokens pumped successfully in a single day and unfortunately dumped back. But whether more bull runs are still awaiting is more interesting to witness. According to many, a major uptrend is on the way, but the other half speculate it as a scam or ponzi scheme.
Is Sushi a good investment option or a scam, is the question needs to be answered.