DeFiNews

After Merging with Yearn.finance, SushiSwap’s Token Increased by 75% in Just One Week

The price value of the SUSHI token has taken a sudden drive in the upward direction as a surge of 38% has seen over the last ten days. The bullish scenario dominated in token markets after Yearn.finance merged with the decentralized exchange SushiSwap.

The major reason behind the reach of peak value this month after a surge of 75% is the merging of the decentralized exchange with DeFi leader Yearn.finance. On December 1, Yearn.finance’s founder Andre Cronje announced the integration between two giant Defi companies, and in the following week, SUSHI’s price value increased from $1.541 to $2.496 after an increase of 75%.

SUSHI is the native governance token of the SushiSwap exchange that jump in price in value as the exchange make progress in attracting new users. The exchange is built over the Ethereum blockchain which is forked from the largest decentralized exchange known as Uniswap. With the governance token, users take part in major decisions, and holders also claim a part of fees.

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October’s Downfall

In October, it faced a downfall after to as low as $1 over the largest centralized cryptocurrency exchange Binance. The major factor behind price breakdown was the selling of tokens worth $12 million over the spot market from one of its top developers named Chef Nomi. However, after some time Nomi decided to place funds as a result of a harsh attitude from the project community that creates a positive picture and resulted in the  price increase.

In September, a great change occurred when Sam Bankman-Fried, CEO of FTX, taken the control of the project. The changing ownership was rejected by the community and did not welcome the decision at all. Over the community’s rage against him, he tried to clear his position and said:

“I didn’t build sushi. I was called in and I’m trying my best to do what’s right for it. But a lot of people seem to have gotten sidetracked fighting against those trying to fix it. And I’m not the only one who feels that way.”

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The change in the leadership proved the right decision as positive things witnessed. For instance, trading volume improved a lot along with a surge in the transactional volume of the decentralized exchange. At press time, the data of CoinMarketCap has revealed that SushiSwap did a total volume of $51 million in the daily trading session.

Hassan Mehmood (Saudi Arabia)

Hassan is currently working as a news reporter for Tokenhell. He is a professional content writer with 2 years of experience. He has a degree in journalism.

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