SushiSwap’s SUSHI token has been one of the best-performing crypto-assets of the past few days. In the past day, it has surged 30%, making it the best-performing coin in the top 100 by market capitalization.
Analysts are confident that the cryptocurrency has room to grow to the upside despite it already rallying 100% higher in the span of a week.
Here’s why the cryptocurrency is moving so far and so fast.
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SushiSwap Gains Traction
SushiSwap’s ongoing rally seems to be related to the strong uptick in the retail and institutional interest in the asset.
Sam Bankman-Fried, CEO of FTX and CEO of Alameda Research, recently commented on the exchange and ist token SUSHI:
“Sushiswap had a really shitty autumn, as the glow of DeFi summer wore off and the memory of NomiGate lingered. And during that…. it just kept on building. I’m not really involved in what Sushi is doing, but I’m happy to see it keep pushing the industry forward.”
This came shortly after prominent DeFi fund Future Fund revealed that it has an interest in the cryptocurrency. It cited upcoming technological developments and releases, including an options-based impermanent loss mitigator, a lending solution, amongst other improvements that will benefit holders of the protocol.
There are many other prominent investors and analysts in the space that have also recently thrown their weight behind the cryptocurrency. This is likely driving improved user interest, thus pushing prices higher.
SushiSwap also seems to be benefiting from the expectations that once Unsiwap’s liquidity minnig incentives will end, platforms like itself will benefit as it experiences a surge in liquidity. Whether or not this happens remains to be seen as the liquidity mining period for Uniswap still has a number of days to go.