The price of the native token of decentralized protocol Sushiswap (SUSHI) has increased by more than 19% over the past 30 days to $1.38.
At least one technical analyst on Twitter thinks the recent positive momentum surrounding the protocol could trigger a move above $1.50 for the first time since falling below the mark in August.
The reason why SUSHI is so popular
Data from CryptoSlate shows that SUSHI surged 6.6% over the past 24 hours. Digital assets have maintained positive price performance over the past seven days, up 24.4%.
Analysts tied the recent positive performance to $5.3 million. investment Private asset management firm Golden Tree.
GoldenTree is a $50 billion private asset manager that recently launched a digital asset investment strategy. The company has identified Sushi as one of the DeFi products it plans to invest in, noting its incredible potential.
Golden Tree says:
“Sushi is what DeFi is all about. Iterate and innovate without artificial barriers to competition. The approach is very novel and I like it.”
Earlier in the week, Jared Gray was appointed Sushi’s new head chef. Gray donated a $250,000 retirement package to his DAO Treasury to help grow the ecosystem.
Interest in sushi is growing.
GoldenTree’s announcement came at a time when interest in sushi was on the rise. From October 4th to October 6th, active addresses for the Sushi protocol increased from 306 to a peak of 811, but are now at around 700.
🍣 $sushiThe ascension of the last few days, #golden treeAppearance as a bidder for With their announcement, Social His volumes soared to his highest three-month high.and the #DeFi Asset trading volume and address activity have really increased since October 3rd. https://t.co/UIjTKKEUPA pic.twitter.com/4xGCOCNSa9
— Santiment (@santimentfeed) October 6, 2022
Token trading volume also surged from $32 million on Oct. 1 to $201 million on Oct. 6. santimento data.
Sushi is also one of the hottest crypto assets in the industry right now. According to CoinMarketCap Watch listthe 18th most searched asset in the last 24 hours.
Meanwhile, according to CoinGecko, DEX trading volume has fallen by 36% to around $16.5 million within the past 24 hours. data.
