- DeFi platform, SushiSwap is proving to be a worthy addition to investors’ portfolios.
- The asset has performed remarkably well over the last week, notching gains of over 30%.
- A healthy sum in its total value locked (TVL) and trading volume is a key metric for the success of a DeFi project.
- SushiSwap reached its all-time high of $23.38 in March and recent indicators show that the asset may repeat the feat.
What Is SushiSwap?
SushiSwap is an automated market maker (AMM) that makes use of smart contracts to create markets for a given pair of tokens. SushiSwap was launched as a fork of Uniswap in 2020 and rose to fame because of the impressive utilities it offers.
SushiSwap dispenses the need for order books and the absence of liquidity issues sets it miles apart from traditional decentralized exchanges. There is a circulating supply of 127,244,443 SUSHI while the max supply is fixed at 250,000,000 SUSHI.
Do You Need SushiSwap in Your Portfolio?
DeFi project, SushiSwap may prove to be a worthy addition to the portfolios of investors. Already the asset has proven to be a huge success characterized by impressive gains over 12 months. In the short run, the asset has proven its mettle after gaining over 30% in a week.
The rise in value and other tell-tale signs could affect investors’ portfolios in both a positive and a negative way. SushiSwap is trading at $8.30 at the moment and has a market capitalization of just above $1 billion which puts it comfortably in the top 100 cryptocurrencies in the world.
SushiSwap – By the Numbers
SushiSwap is surfing the wave of impressive metrics in recent times. At the moment, the asset trades at $8.30 – that translates to a huge gain of over 30% in the last week. This rise in prices also led to the growth of SushiSwap’s market capitalization to exceed $1 billion which places it as the 74th largest cryptocurrency.
Amid rising prices, the total value locked of the project is currently at $3,112,466,266. Similarly, the project has seen over $94.51 billion in total volume and 1,635 total pairs.
These metrics are also in tandem with the year-to-date growth of the asset which is simply a meteoric ascent. A combination of these factors culminated in SushiSwap setting an all-time high of $23.38.
On The Flipside
- SushiSwap is ranked as the 14th biggest DeFi project behind Yearn.Finance, Compound, and Uniswap.
- The protocol has a lot of ground to gain before it can compete favorably with the leaders of the pack.
How Could It All Affect Your Portfolio?
SushiSwap offers investors high short-term returns as shown by its historical charts. With DeFi projects, the total value locked is an indicator of the potential success of a project and so far SushiSwap’s TVL is steadily on the increase.
Social volume, demand, and volatility are also metrics that SushiSwap has going for it at the moment that make it a positive addition to your portfolio. SushiSwap’s correlation with Bitcoin is another metric that supports the bullish narrative.
Investors should not rule out the possibility that selling pressure may increase given the rise in value and may consolidate before a further price rally. The identification of a good entry point is sure to guarantee investors up to 30% gain in about 60 days.
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