One of the DeFi projects that has given the most talk in recent months has been Sushi Swap, but not precisely because of how good the protocol is. Today the price of the Sushi token is locked in a downtrend that has led it to trade at $ 1,265, and that seems to be dragging it towards a new low.
Sushi Swap is a platform for decentralized exchange, born after a fork of UniSwap.
Within a few days of birth she had garnered incredible support, which sent her flying high, taking the price of the platform’s governance token to an all-time high of $ 11.92.
However, while the euphoria took over SUSHI market sentiment, and the price hovering around $ 7, the creator of the protocol decided to flee by taking the funds destined to the maintenance of the token, and fleeing with a fortune of $ 14 million. As a result, the price of the token sank with the unexpected movement it made.
Despite the fact that he claims that he did not escape with the fund by abandoning the project, the ecosystem undoubtedly took this action with total negativism, generally classifying it as deplorable.
SBF takes control, but still the price does not show much positivity
As Sushi Swap plummeted, FTX CEO Sam Bankman-Fried took over, casting a great air of positivity into the protocol ecosystem.
To summarize, he indicated that Sushi keys would be transferred to a Multi-sig, which would then be decentralized. To talk about the debacle that was lived, and is lived, said the next:
- Nomi sucks and hurts the community.
- Sushi shows promise as a dynamic community-built MMA.
- If Nomi doesn’t retire, the sushi is over.
- If Sushi adds a Serum split, we will give 5mm SUSHI to farmers.
- Either way, AMM will come to Serum.
Days later, Chef Nomi, creator of Sushi, returned the $ 14 million; And despite the fact that the current situation is much more positive than it was when the chef decided to make the unexpected move, the price still does not react in the same way.
Sushi Swap Trend Steers Price Towards New Low
With lower and lower highs and lows, the price of Sushi Swap is clearly embroiled in a downtrend.
There is currently no sign that it could start to rally anytime soon, and even the previous low of $ 1,085 may not be a place to halt the decline.
The key level that bulls should break if they want to take control is at $ 1.77.
What do you think of the Sushi Swap trend? Could it soon come out of the downward spiral it is in? Let us know your opinion in the comments!