- Sushiswap price has just hit a new all-time high of $12.719 after a massive rally in 2021.
- The exchange has seen a massive increase in trading volume in the past month.
- Sushi stakers have been paid $6.1 million in fees in January.
Sushiswap price is up by 340% in January after seeing tremendous growth in 2021. The digital asset and exchange seems to be unstoppable and faces no barriers on the way up to $15. Several positive on-chain metrics suggest the digital asset could continue rising without any opposition.
Sushiswap price can hit $15 with no resistance ahead
One of the main factors behind Sushi’s impressive rally is the massive increase in trading volume the exchange has experienced in 2021. In January 1, Sushiswap had $187 million in trading volume over 24 hours. This number peaked at $708 million on January 8 and continues trending higher, currently at an average of $500 million.
SUSHI trade volume chart
The token itself has also seen a massive increase in trading volume from an average of $324 million on January 1 to $1.3 billion currently. The number of whales holding between 1,000,000 and 10,000,000 SUSHI coins has increased by four in the past week.
SUSHI Holders Distribution chart
Additionally, the SushiSwap exchange has paid xSUSHI stakers around $6.1 million in fees in January alone which is extremely significant and increases buying pressure.
SUSHI MVRV (30d) chart
However, the MVRV (30d) chart shows that Sushi is in the danger zone above 60% which often leads to significant correction periods. The digital asset is certainly overextended and has not experienced a notable pullback yet.
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
Editors’ Picks
Bitcoin Price Forecast: Analysts anticipate increased volatility as the US presidential election looms
Bitcoin price teased its all-time high of $73,777 last week but declined to trade below $69,000 on Monday. Analysts suggest that market volatility is expected to rise as the US presidential election approaches.
Litecoin poised for double-digit decline after breaking ascending trendline
Litecoin breaks and closes below an ascending trendline, signaling a change in market structure. On-chain metrics paint a bearish picture, as LTC’s dormant wallets are active, and the NPL indicator shows a negative spike.
Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC, ETH and XRP decline ahead of US elections
Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP) all faced resistance at crucial levels ahead of the US Elections, leading to a price decline. As of Monday, they neared key support levels, and a firm close below these marks could signal further declines.
21Shares files S-1 for XRP ETF amid ongoing tension between Ripple and SEC
21Shares filed an S-1 registration with the Securities and Exchange Commission (SEC) on Friday for an XRP exchange-traded fund (ETF). While the chance of approval is slim with the current SEC administration, the landscape could change after the upcoming elections.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.