A combination of favorable factors and news about SushiSwap attracted not only retail investors but also large investors to the project and caused SUSHI’s exchange rate to rise.
Sushi Roadmap 2.0, the upcoming cross-chain integration and SushiSwap’s updated tokenomics have not only boosted social volume and retail interest in the project, but also brought it to the attention of larger investors. In turn, according to letizo.com, this has supported the SUSHI coin exchange rate.
SushiSwap, a decentralized crypto exchange (DEX) based on the Ethereum blockchain, has attracted the interest of the large asset management company GoldenTree. This was the reason for the positive Sushi token price prediction. As it became known, it invested $5.3 million in the SushiSwap management token. Representatives of the company, which manages about $47 billion in assets, told about the purchase and what they are going to do with SushiSwap and cryptocurrency in general at the forum of the project. In response to this news, the rate of SUSHI kinoin jumped by about 20%.
GoldenTree representatives said they were attracted to SUSHI’s tokenomics, as well as the project’s structure and strategy. “We think Sushi has incredible potential. While the project has definitely fallen on hard times, we’ve been blown away by the resilience of both its team and community. They have continued to evolve and produce high quality products.”
On Oct. 4, the DAO Sushi community elected a new executive director, or “chef,” for the project. Jared Gray, who has leadership experience in the crypto industry, became the new executive chef. As community members expect, the new chef will have more tangible influence in the traditionally horizontal hierarchy of the project, which previously prevented participants from coordinating and making decisions. Alternatively, analyze Horizen price predictions, which is an interesting asset with good growth prospects.
The two pieces of crypto news combined have had a positive effect on the SUSHI project’s native token rate, giving it bullish momentum. Over the past three days, the coin has gained nearly 25%, with the price increase also supported by rising retail trading volumes. Also, the RSI index showed a sharp jump, also underscoring bullish pressure in the current market.
At the time of writing, SUSHI continued to rise and was trading around $1.30 with an intraday gain of 16%, and trading volumes for the coin soared to nearly $1.56 million, according to Coinmarketcap. In support of the growing bullish sentiment, increased indicators such as social volume on social platforms, a weighted index of sentiment on social networks and developer activity are also supporting the increased bullish sentiment.
Also, the daily active address index is also up 56 percent from the previous day on the back of increased online activity. There was also an increase in the number of addresses with 10k to 100k tokens and 100k to 1 million tokens stored on their balances. At the same time, whales began to accumulate more SUSHI.
However, despite this optimistic picture, it can’t be ruled out a pullback in the direction of $1.10 or even $1.00 if bullish sentiment starts to weaken. The current situation at crypto exchanges also warns of such a probability: the inflow of SUSHI coins to trading platforms has slightly increased. This may portend a slight profit taking in the near term.
Analysts used historical trading volumes and commissions to calculate cash flows. Based on his assumptions, analysts estimate the intrinsic market value of SushiSwap at about $12.6 billion, which corresponds to a token value of about $100. Despite the high valuation, experts warned investors of significant risks in the market, including a downturn in DeFi cryptocurrency trading. You might consider Horizen token price as an alternative investment option.