Why did SushiSwap DeFi token soar in price by 100% in just a week?
DeFi token SushiSwap (SUSHI) has risen in price by more than 100% over the past seven days.
If on Monday, November 9, the coin was trading at $0.62, then on Sunday it reached $1.38.
The capitalization of the SUSHI crypto project, deployed in the decentralized financing market DeFi, on Monday, November 16, increased to $332.1 million (+ 13% per day). SUSHI is ranked 11th on DeFiPulse.com.
According to Alameda Research CEO Sam Bankman-Fried, the capitalization of the SushiSwap project is growing rapidly due to the entry of institutional investors into the DeFi market. There are several tokens that are popular with major players. SUSHI is included in the list of these digital currencies.
Bankman-Fried allowed the early fall to be explosive for SushiSwap. In mid-September, the project cost exceeded $1.4 billion. Then there was a collapse, and only last week, capital began to return to the token.
The analyst linked the rise of SUSHI to the reallocation of funds within the DeFI ecosystem. Part of the capital left the largest project UniSwap (whose capitalization decreased to $2.8 billion) and moved to other tokens, including SushiSwap.