SushiSwap’s $SUSHI Token Sees Significant Decline Amidst On-Chain Activity
Over the past month, SushiSwap’s native token $SUSHI has experienced a notable decline in value, shedding 32% of its value in the last 30 days, with an additional 8% drop recorded today.
Insights from on-chain reports provided by Spotonchain suggest that the recent price drop may be attributed, at least in part, to activity involving FTX and Alameda Research wallets. These entities were observed redeeming and depositing 2.732 million $SUSHI tokens, equivalent to approximately $3.9 million, onto the Binance exchange at a price of $1.429 per token.
Further analysis reveals that since late October 2023, FTX and Alameda Research have transferred a total of 6.084 million $SUSHI tokens, valued at $7.08 million, to centralized exchanges (CEX).
Despite this movement, they still maintain a holding of at least 1.424 million xSUSHI tokens, valued at approximately $2.65 million, within wallet address 0xF02.
The $SUSHI price has dropped more than 12% (24H)!#FTX and #Alameda Research wallets might have contributed to the price drop by depositing 2.732M $SUSHI ($3.90M) to #Binance at ~$1.43 3 hours ago, possibly accelerating the price drop by 4%.
Follow @spotonchain and turn on your… pic.twitter.com/c6PocXjn6q
— Spot On Chain (@spotonchain) April 12, 2024
$SUSHI Token Price Drop Exceeds Normal Broader Market Dip
Interestingly, the decline in the price of $SUSHI over the past 24 hours has exceeded the broader market dip, indicating a specific downward pressure on the token’s value.
The observed on-chain activity involving FTX and Alameda Research wallets underscores the potential influence of large-scale transactions on the cryptocurrency market.
While such movements may contribute to short-term price fluctuations, they also highlight the dynamic nature of decentralized finance ecosystems and the importance of monitoring on-chain activity for insights into market trends.
As SushiSwap’s $SUSHI token navigates the current market conditions, investors and enthusiasts are advised to remain vigilant and attentive to developments in order to make informed decisions regarding their involvement with the project.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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