Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

SushiSwap: How Could This Alt Affect Your Portfolio?

CryptocurrencyJul 31, 2021 12:00AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
SushiSwap: How Could This Alt Affect Your Portfolio?

  • 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.

EMAIL NEWSLETTER

Join to get the flipside of crypto

Upgrade your inbox and get our DailyCoin editors’ picks 1x a week delivered straight to your inbox.

[contact-form-7] You can always unsubscribe with just 1 click.

Continue reading on DailyCoin

SushiSwap: How Could This Alt Affect Your Portfolio?
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email