By Lewis - Cryptocurrency Speculator - 28-12-2021
Recently, SushiSwap’s (SUSHI) native cryptocurrency has been turning heads in the last 24 hours. The price to buy SUSHI tokens has seen a high spike of 21%. The increase in value has made SUSHI one of the top Decentralised Finance (DeFi) project cryptocurrencies available. SushiSwap is an open-sourced Decentralised Exchange (DEX) which is the third largest DEX within the Ethereum ecosystem. As of writing, investors can purchase and sell SushiSwap for $9.24, nearing its all-time high of $9.42. The question is, why had the cost for buying SushiSwap crypto risen by 70% in the last week? According to sources, the increase could be a result of SUSHI whales increasing their token holdings.
Crypto whales with more than $100,000 worth of SUSHI holdings have recently increased their SushiSwap portfolio by 10%. In total, the whales have accumulated around 24.2 million of SUSHI tokens in circulation. With the additional 10%, whales have now gathered a further 9.7% of the total available supply. The price spike comes as a wave of relief for holders that didn’t sell their tokens, after witnessing some heavy dips in early December. Another possible reason for the sizeable increase in value is due to top developer Daniele Sestagalli showing support for the DEX and native cryptocurrency. There is some speculation as to whether or not Sestagalli will in fact be joining the Ethereum-based protocol. SushiSwap had seen a price increase shortly after Sestagalli had posted a proposal to bring SUSHI into a few of Avalanche’s projects. The proposal was well-needed as SushiSwap has been experiencing a governance crisis.