As a token native to a DEX, SUSHI is influenced in many ways by the developments in the DeFi markets. Lately, however, the bearishness has been such that despite recovering 71% from June lows, SUSHI is still a long way from making gains for investors.
SushiSwap is unique…
SUSHI was one of the few altcoins that did not mark a new all-time high (ATH) in May 2021. Instead, it peaked in March 2021 and was in a downtrend after May.
In fact, since the aforementioned ATH, the cryptocurrency has plummeted by more than 93.4% in a year and a half.
While the crypto market is in the midst of recovery, SUSHI has yet to recover from its investors’ losses.
However, the situation is not comparable the other way around, as the improvement on the DeFi front has not had a significant impact on the altcoin.
Between June and August 7, SushiSwap’s performance as DEX improved after a downward trend of more than eight months. The first instance of the same was visible when looking at the average monthly users on the DEX.
By November 2021, there were a total of 170k users active on the platform. The figure had fallen to just 49k by the end of June.
Last month 7k users returned to the network. Interestingly, higher numbers are expected this month, as more than 15,000 users have already registered in the first week of August.
However, in addition to their presence, it is also important that their activity increases, which is the main driving factor for growth. SushiSwap posted volume totaling $1.8 billion in June, declining slightly last month to $1.52 billion.
Now August is expected to hit $1.3 billion in volume by the end – lower than July.
Still, with over $336 million in volume registered in the past week, SushiSwap is getting closer to catching up with Balancer. By doing so, it could claim the latter’s spot as the fourth largest DEX on the market.
Hopefully with such changes, SUSHI could also see some growth and recover some of its 93% losses.