• SushiSwap listing on Coinbase could see a delayed yet positive effect on SUSHI price.
  • Addresses holding 100,000 to 1,000,000 SUSHI have grown from 38 to 45, hinting at an increased interest among whales.
  • A decisive close above the recent all-time high at $20.73 could propel the altcoin by 50%.

SushiSwap went through a bumpy road to achieve its listing on Coinbase. Trading on this platform will open SUSHI to a broader audience, which could positively impact its price.

From exit scams to landing on Coinbase

The “yield farming” mania put many DeFi projects on the map, including SushiSwap. Launched in late August 2020 as a fork of Uniswap by an anonymous developer, “Chef Nomi,” SushiSwap gained massive traction. 

Soon, it was listed by the world’s largest cryptocurrency exchange Binance. According to CEO Changpeng Zhao, with the early listing, the trading platform was trying to remain competitive to capitalize on the market’s demands before traffic went to other exchanges. However, a rug pull or an exit scam of sorts was brewing behind the scenes.

Tired of the non-stop complaints about SUSHI from the community, Chef Nomi decided to remove his liquidity from the SUSHI/ETH pool by converting 5.02 million tokens to Ether, worth $14 million at the time. 

Nomi’s justification was that this wasn’t any different than what Litecoin creator Charlie Lee had done when he sold his LTC holding around the peak of the 2017 bull market. However, retail investors thought otherwise as they panic sold SUSHI, pushing its price down by more than 50%.

While things seemed bleak, FTX’s founder Sam Bankman-Fried (SBF), decided to step in. After receiving control of Nomi’s project, nine prominent members of the community were selected to be the holders of a multi-sig wallet that controls the project’s funds. 

Since that point, SushiSwap has been working without any glitches or controversies.

The most recent development surrounding SushiSwap is Coinbase’s decision to list SUSHI. Coinbase announced that SUSHI deposits are open, but trading will begin on Thursday, March 11, at 17:00 GMT, only if liquidity requirements are met.

So, in a nutshell, SushiSwap’s journey has been nothing short of a rollercoaster ride. As for SUSHI price, it pumped a massive 450% during the recent bull run. 

SushiSwap price primed to rise as whales accumulate 

SushiSwap price has been creating a series of higher highs, but its ascent is relatively low. In the last 30 days, SUSHI has seen a meager 50% increase in its price. Surprisingly, the Coinbase listing did not move its market value a lot.

SUSHI/USDT 12-hour chart

SUSHI/USDT 12-hour chart

Regardless, addresses holding between 100,000 to 1,000,000 SUSHI have increased by 18% in the last 48 hours. Roughly seven new whales have joined the network within such a short period. If buying pressure continues mounting, SushiSwap price will likely catch up soon.

SushiSwap holders distribution chart

SushiSwap holders distribution chart

Adding credence to this bullish momentum is IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model, which shows little to no resistance ahead for the altcoin. 

If bulls manage to push SUSHI price above the recent all-time high at $20.73, it will likely see a 20% upswing to the 127.2% Fibonacci retracement level at $25.5. Another spike in buying pressure here could lead to a 25% ascent to $31.57, which coincides with the 161.8% Fibonacci retracement level.

SushiSwap IOMAP chart

SushiSwap IOMAP chart

Investors should note that if whales decide to off-load their holdings, SushiSwap price could break below the immediate support barrier at 17.50. Here, the IOMAP cohorts show that  3,500 addresses hold roughly 40 million SUSHI. 

Further selling pressure might lead to a pullback to the $16.30 price level where approximately 1,440 addresses had purchased nearly 48 million SUSHI.


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Recommended content


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC declines as resistance emerges near all-time high

Bitcoin and Ethereum are approaching their key support levels, and a sustained close below these marks could lead to further declines. 

More Cryptocurrencies News
TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON set to launch synthetic Bitcoin to boost its DeFi solutions

TON revealed its plan on Thursday to launch a synthetic Bitcoin token on its blockchain, allowing users to trade, stake, and earn yield using BTC. Following the announcement, TON is down over 3%.

More Ton News
Maker Price Forecast: MKR could stage 40% rally

Maker Price Forecast: MKR could stage 40% rally

MakerDAO is up 2% on Thursday and could be set for a 40% rise in the coming weeks if it successfully maintains an extended move above the descending trendline of a falling wedge. On-chain data also supports the bullish outlook after a four-month-long decline.

More MakerDAO News
USDT market cap crosses $120 billion as stablecoins continue their uptrend

USDT market cap crosses $120 billion as stablecoins continue their uptrend

The stablecoin market cap continued its uptrend in October, characterized by USDT reaching a $120 billion market cap, according to a CCData report on Thursday. This indicates that investors are preparing liquidity to fuel more demand.

More USDT News
Bitcoin: New all-time high at $78,900 looks feasible

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.

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