The SUSHI price rose on September 16 after another day of winnings on decentralized exchanges (DEX) tokens.
SUSHI rose 7.54% or $ 1.14 to $ 16.31 for the first time since May 21. The pair’s upward movement pushed the 24-hour yields down to 23%, making SUSHI the best performing DEX token this time around.
SUSHI 4 Hour Price Chart | Source: Tradingview
For comparison: UNI, the top token that represents the Uniswap DEX by market capitalization, is up 6.23% in the last 24 hours. Meanwhile, CAKE is up 2.5%, RUNE is up about 13%, and CRV is up 4.5%.
Performance of the top DEX tokens in the last 24 hours | Source: Messari
Why is SUSHI leading the DEX team?
Kris Kay., Decentralized financial analyst Note that SushiSwap as a DEX platform was recently expanded to more blockchains than other platforms in the industry. As a result, it has generated more fees for its users, increasing the prospect of holding SUSHI tokens.
Source: Kris Kay
In particular, the recent buying pressure in the SUSHI markets comes a day after SushiSwap announced its implementation on Arbitrum, a layer 2 scaling solution for decentralized applications (Dapps) powered by Ethereum.
Sushi Chef has tweets:
“With super-fast transaction speeds, you never have to wait again for the transaction confirmation at https://t.co/aoFOsbikeu. Try Switching Your Network to Arbitrum Today! 30 million US dollars TVL and growing … “.
They also revealed that stakers locked $ 30 million SUSHI in Arbitrum’s smart contracts.
According to Kay, SushiSwap’s efforts to scale DEX solutions across multiple Layer 1 and Layer 2 chains are also stimulating the growth of the ecosystem. For example, the platform has rolled out many new services in recent months, including liquidity provider DeFi Onsen and Kashi Lending / Lending Dapp.
On September 2nd, SushiSwap also announced its upcoming NFT marketplace called Shoyu. Blockchain verified unique digital collectibles sales increased from $ 13.7 million in the first half of 2020 to $ 2.5 billion in the first half of 2021.
SUSHI price outlook
As a result, SUSHI beat its DEX competitors in terms of temporary returns. The profit over the past 7 days was more than 45% compared to UNI’s 16.93%. However, in terms of year to date growth (YTD), SUSHI’s gain 370% is slightly lower than UNI’s 474%.
Meanwhile, PancakeSwap’s CAKE topped the DEX leaderboard after posting a YTD return of over 3,330%.
“SushiSwap is currently the protocol with the highest revenue in fifth place. While most of the fee income goes to the sushi treasury, the SUSHI owners still control it. SUSHI stakers also receive 0.05% of the total fee income. SushiSwap started out as a decentralized exchange but it’s growing into much more. A range of DeFi products all of which generate revenue for the community coffers and of course SUSHI owners, ”Kay tweeted, indicating that this DEX is likely to go higher in the coming sessions .
Sushi Swap is currently the fifth highest earnings record 🔥
– Kris Kay | 🍩 DeFi-Donut (@thekriskay) September 14, 2021
Tech-wise, SUSHI didn’t shine much during the recent boom in the altcoin market. But the positive moves in recent sessions have put the price above $ 15, a major psychological resistance that is now acting as a support.
Daily SUSHI price chart and next upward targets | Source: Tradingview
Scott Melker, an independent market analyst, Note that there are weak resistance levels ahead of us, which means that SUSHI could move higher to hit a new all-time high. The previous SUSHI high was $ 24.69.
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According to Cointelegraph