SushiSwap, the popular DEX in the DeFi ecosystem, has seen a lot of development over the past few months. The SushiSwap token has also reflected this growth and has recorded gains of over 170% since the start of 2021. At press time, SUSHI has a trade value of over $ 7.2 and is ranked 46th on CoinMarketCap’s list. .
SUSHI and Bitcoin
While Sushiswap’s price action over the past month has exceeded expectations, it is also evident that just like the altcoin market, SUSHI is not immune to the influence of Bitcoin. The coin has shown a strong correlation with the King’s coin and over the past month, price corrections synchronized with those of Bitcoin. More recently the price of Sushiswap fell over 38% on January 11th and last week as Bitcoin suffered an 8% drop SUSHI mirrored this movement and saw its price depreciate by around 28% .
However, looking at the coin’s performance since the January 21 price drop, SUSHI’s price action looks quite promising with a strong bullish momentum supporting the coin. Over the past 48 hours, the coin has managed to ensure a 100% recovery and maintain its position above the $ 7 mark. Interestingly, Santiment’s data regarding this rally and the overall SUSHI bullish momentum highlighted one aspect of the token’s user base: whale accounts.
Whale counts, thanks to their sheer scale, have the ability to rock the boat when it comes to a coin’s price action on the charts. According to the data highlighted by Santiment, the price of Sushiswap benefited greatly from the large-scale addresses that acquired and hosted the token.
Evolution of whale-watching addresses
Since the beginning of the year, the addresses of whales have jumped for SushiSwap. Accounts with over 100,000 SUSHI have increased 74% in the past two weeks. This translated well for the price of the token on the charts. Compared to the token’s valuation before Bitcoin started its bull run, the current price of SushiSwap is extremely good. A few weeks ago, SushiSwap’s 2021 roadmap revealed its intention to join Polkadot from the second quarter of this year. This momentum and series of developments will likely contribute to the discovery of the SushiSwap price.
In a previous article, it was argued that the token priced at $ 7 is still undervalued and the price action of the past few days appears to further strengthen the validity of this argument. Compared to other tokens like Uniswap, SUSHI’s increased bullish performance is extremely evident. The capital efficiency measure which examines the efficient use of liquidity is a good example and shows how regularly the coin catches up.
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