SushiSwap: How could this alternative affect your portfolio?
- DeFi platform, SushiSwap is proving to be a valuable addition to investors’ portfolios.
- The asset has performed remarkably well over the past week, posting gains of more than 30%.
- A healthy sum of your total locked value (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 can repeat the feat.
What is SushiSwap?
SushiSwap is an automated market maker (AMM) that uses smart contracts to create markets for a given pair of tokens. SushiSwap launched as a fork of Uniswap in 2020 and rose to prominence due to the impressive utilities it offers.
SushiSwap dispenses with the need for order books and the absence of liquidity problems distinguishes it from traditional decentralized exchanges. There is a circulating supply of 127,244,443 SUSHI while the maximum supply is fixed at 250,000,000 SUSHI.
Do you need a sushi exchange in your portfolio?
The DeFi project, Sushi Swap can be a valuable addition to investor portfolios. The asset has already proven to be a huge success characterized by impressive earnings for 12 months. In the short term, the asset has proven its worth after earning more than 30% in one week.
Rising values and other telltale signs could affect investors’ portfolios both positively and negatively. SushiSwap is trading at $ 8.30 right now and has a market capitalization of just over $ 1 billion, which puts it comfortably among the top 100 cryptocurrencies in the world.
SushiSwap – By the Numbers
SushiSwap is surfing the wave of impressive metrics as of late. At the moment, the asset is trading at $ 8.30, which translates into a huge gain of more than 30% in the last week. This rise in prices also led to the growth of SushiSwap’s market capitalization to exceed $ 1 billion, placing it as the 74th largest cryptocurrency.
Amid rising prices, the total locked value of the project is currently $ 3,112,466,266. Similarly, the project has seen more than $ 94.51 billion in total volume and 1,635 total pairs.
These metrics also go hand in hand with the asset’s year-to-date growth, which is simply a meteoric rise. A combination of these factors culminated in SushiSwap setting an all-time high of $ 23.38.
On the other side
- SushiSwap is classified as the 14th largest DeFi project behind Yearn.Finance, Compound and Uniswap.
- The protocol has a lot of ground to gain before it can compete favorably with the group leaders.
How could all this affect your portfolio?
SushiSwap offers investors high short-term returns, as shown in its historical charts. With DeFi projects, the total locked value is an indicator of a project’s potential success, and so far SushiSwap’s TVL is steadily increasing.
Social volume, demand, and volatility are also metrics that SushiSwap has going for it right now that make it a positive addition to your portfolio. SushiSwap’s correlation with is another metric that supports the bullish narrative.
Investors should not rule out the possibility that selling pressure will increase given the increase in value and consolidate before a further price hike. Identifying a good entry point is sure to guarantee investors up to 30% profit in about 60 days.
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