The price of SushiSwap (SUSHI), the underlying asset of the decentralized crypto exchange of the same name, has increased by almost 18% in just 24 hours.
Now the altcoin is trading at $7.53, whereas its capitalization has hit $958.497 million. Last night, the token broke above the $6 mark for the first time since the beginning of December. However, the potential for further growth of the SUSHI has not been exhausted yet. During the last 24 hours, the altcoin has held its highest level since December 9.
According to Santiment, large investors are responsible for this price jump. Whales, whose addresses hold from 100,000 to 10 million coins, control up to 3.4% of the total supply of SUSHI (8.34 million tokens worth up to $53 million).
In January 2021 we observed a similar situation. The number of whale wallets with at least 100,000 SUSHI stocks soared by 74%. Investments by large traders intensified until early March, when the token price exceeded $22. After that, the whales simply dumped the asset, which caused the price to fall.
UniSwap ranks eighth in the ranking of decentralized crypto exchanges (DEX) with an average daily trading volume of more than $314 million.