• SushiSwap is a fork of Uniswap, a decentralized exchange that became extremely popular.
  • SUSHI, the token of Sushiswap, managed to reach a $270 million market capitalization but lost most of its token value. 

Sushiswap is a fork of Uniswap and uses SUSHI tokens to grant users control over the protocol and rewards them with a portion of the fees collected. Sushiswap quickly turned heads and became extremely popular, especially thanks to its native token and the ability to stake several other tokens to obtain it.  

SUSHI was quickly listed on major exchanges, including Binance, and had a massive rally towards $16. Unfortunately, the surge was short-lived, and the token lost most of its value due to its founder selling his tokens. Chef Nomi, the founder of Sushiswap, announced that it will sell all SUSHI holdings to ‘stop caring about price.’ 

Of course, the announcement was met with a lot of criticism from the Sushiswap community accusing the founder of exit scamming. The controversy didn’t end there as Chef Nomi eventually came back and returned $13 million in Ethereum

Although many people accepted the apology, many criticized the founder even further, stating that he only returned the funds because he got doxxed—a practice that involves publishing private and identifying information about a particular individual.

The price of SUSHI is dead 

It’s no surprise that SUSHI’s value has fallen so hard. Since its peak September 1, the digital asset is down by more than 92% and unable to recover.

SUSHI/USD 4-hour chart

sushi price

Furthermore, instead of positive signals, on the 4-hour chart, the TD sequential indicator has just presented a sell signal. The price is currently at $1.31 below the 50-MA resistance level. The nearest support level was formed at $1.21, which is the most likely target for the bears in the short-term. 

SUSHI IOMAP Chart

sushi price

The In/Out of the money around price chart by IntoTheBlock shows a dull picture for the bulls. The nearest support area is between $1.28 and $1.31, where 2.3 million SUSHI tokens were bought. However, this is minuscule compared to the resistance area between $1.32 and $1.36, where 61 million SUSHI tokens were bought. 

SUSHI New Addresses

sushu price

Nonetheless, there are some positive news for SUSHI holders. The number of new addresses entering the network has increased over the past three days from 166 to 263, which shows a growing interest in buying the dip. 

SUSHI Holders Distribution


 

sushi price

Furthermore, the number of whales with at least 10,000,000 tokens has increased by one on September 28, representing close to $13,000,000 at current prices.

If bulls can defend the $1.21 support level on the daily chart, a bounce towards the last high at $1.48 is likely. 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin Weekly Forecast: BTC nosedives below $95,000 as spot ETFs record highest daily outflow since launch

Bitcoin price continues to edge down, trading below $95,000 on Friday after declining more than 9% this week. Bitcoin US spot ETFs recorded the highest single-day outflow on Thursday since their launch in January.

More Bitcoin News
Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin crashes to $96,000, altcoins bleed: Top trades for sidelined buyers

Bitcoin (BTC) slipped under the $100,000 milestone and touched the $96,000 level briefly on Friday, a sharp decline that has also hit hard prices of other altcoins and particularly meme coins. 

More Bitcoin News
Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana Price Forecast: SOL’s technical outlook and on-chain metrics hint at a double-digit correction

Solana (SOL) price trades in red below $194 on Friday after declining more than 13% this week. The recent downturn has led to $38 million in total liquidations, with over $33 million coming from long positions.

More Solana News
SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

SEC approves Hashdex and Franklin Templeton's combined Bitcoin and Ethereum crypto index ETFs

The SEC approved Hashdex's proposal for a crypto index ETF. The ETF currently features Bitcoin and Ethereum, with possible additions in the future. The agency also approved Franklin Templeton's amendment to its Cboe BZX for a crypto index ETF.

More Cryptocurrencies News
Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin: 2025 outlook brightens on expectations of US pro-crypto policy

Bitcoin price has surged more than 140% in 2024, reaching the $100K milestone in early December. The rally was driven by the launch of Bitcoin Spot ETFs in January and the reduced supply following the fourth halving event in April.

Read full analysis
Best Forex Brokers with Low Spreads

Best Forex Brokers with Low Spreads

VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.

Read More

BTC

ETH

XRP