After another day of gains in decentralized exchange tokens (DEX), SushiSwap (SUSHI), prices climbed on Sept. 16.
The SUSHI/USD exchange rates rose by 7.54% or $1.14 to $16.31, for the first time since May 21, 2018. SUSHI was the most-performer DEX token during the 24-hour period due to its upside move.
For example, UNI, which is the token that represents the largest DEX Uniswap market cap, jumped 6.23% in 24 hours against the U.S. Dollar. PancakeSwap (CAKE), which rose 2.5%, THORChain(RUNE) climbed around 13%, while Curve (CRV) climbed more than 4.5%.
Performance of the top DEX tokens over the past 24 hours Source: Messari
SushiSwap is leading the DEX pack.
Kris Kay, a Decentralized Finance Sector Analyst, noted that SushiSwap has recently branched out into more blockchains than its peers. It has also been generating higher fees for its users, increasing the possibility of owning SUSHI tokens.
Specifically, this latest round of buying in SUSHI market markets occurred a day after SushiSwap had announced the deployment on Arbitrum. Arbitrum is a layer-2 scaling solution that allows for Ethereum-powered decentralized apps or DApps.
With super fast transaction speeds, you never have to sit and wait for tx confirmation again at https://t.co/aoFOsbikeu. Switch to Arbitrum today! $30M TVL and counting… pic.twitter.com/qgmybXWhjt
— SushiChef (@SushiSwap September 15, 2021
It was also revealed that $30 million worth SUSHI tokens were locked into Arbitrum’s smart contract by stakers.
Kay pointed out that SushiSwap has been working to scale its DEX solutions over multiple layer-1 and 2 chains to support its ecosystem’s growth. The platform launched many new services, such as Onsen, a DeFi liquidity provider, and Kashi, a lending/borrowing app.
SushiSwap’s upcoming marketplace for non-fungible tokens (NFTs) was also revealed on Sept. 2. It is called Shoyu. The first half 2020 sales volume for unique digital collectibles that are blockchain-verified grew to $13.7 million, and $2.5 billion by 2021.
Price outlook for SUSHI
SUSHI’s interim returns have surpassed those of its DEX competitors. SUSHI’s profit in the past seven days is more than 45% compared with UNI’s 16.93%. SUSHI’s year-to-date (YTD), gains are still lower than UNI’s 474% gains.
PancakeSwap’s CAKE is now the top DEX pack, having delivered more than 3,330% YTD returns.
Kay tweeted “SushiSwap currently ranks 5th in terms of earning protocols,” hinting at the possibility that the DEX will grow higher in the future sessions.
He said that while SushiSwap was initially a decentralized exchange, it is now evolving to so many more.
“A range of DeFi products that generate revenue for the community’s treasury and, of course, SUSHI holders. 4/ Sushi Swap currently ranks 5th in terms of earning. While the majority of fee-revenue is going to Sushi Treasury, $SUSHI owners still have control. $SUSHI holders also receive 0.05% from all fee-revenue. pic.twitter.com/cu4GMiVGU2
— Kris Kay | DeFi Donut (@thekriskay) September 14, 2021
Related: Altcoin Roundup – Time to Rotate! Data shows that traders are switching from NFTs and DeFi to make money.
SUSHI is currently behind the altcoin market boom in technical charts. The SushiSwap token has seen a rise in recent sessions, breaking above $15, which is a key psychological resistance level that now acts as support.
Daily price chart for SUSHI/USD showing its next upside price targets. Source: TradingView.com
Scott Melker, an independent analyst in the market, stated that there are very few resistance lines ahead. This means that SUSHI could move higher to reach a new all time high. $24.69 was the previous peak for SUSHI/USD. Melker said:
“Those lines at or near the top are our target. However, if they turn to support, then we will see price discovery for new highs.” You should research all aspects of trading and investment before making any decision.