As a DEX’s native coin, SUSHI’s tendencies depend on developments within the decentralized finance (DeFi) space. Nevertheless, bears have dominated the altcoin such that SUSHI remains far from ensuring profits to its investors despite a 71% revival from June lows.
SushiSwap’s Weakness
SUSHI was among the few alternative tokens that didn’t hit a new ATH in May last year. Instead, the alt peaked in March 2021 and maintained downtrends after May.
Meanwhile, SUSHI has declined by over 93.4% since the mentioned all-time highs. Though the cryptocurrency market is halfway through its recovery journey, SUSHI seems ready to recover losses for its investors.
SushiSwap saw its performance as a decentralized exchange improving between June and August 7, following downtrends of over eight months.
For instance, the DEX’s average users per month metric confirm that narrative. The platform had 170K active users by November 2021 before the number plummeted to 49K as June 2022 ended.
The network saw 7K users returning over the past month. Surprisingly, analysts expect higher numbers this month as, since early August, the platform has recorded more than 15K users.
Nevertheless, besides their presence, it’s crucial to increase activity, a vital facet for growth. SushiSwap’s volume stood at $1.8 billion in June and slightly plunged to $1.52B the previous month. Meanwhile, August will likely record $1.3 billion in volume, lower than July’s.
Nevertheless, SushiSwap edges closer to surpassing Balancer, following SUSHI’s more than $366 million volume within the previous week. That might see it claiming the latter’s position as the 4th-biggest decentralized exchange in the marketplace.
Hopefully, such changes would mean some growth for SUSHI and recoup some of the 93% losses.
Meanwhile, the crypto market sees upside moves during this publication, with large-cap cryptos exploring green on the day. The global cryptocurrency market capitalization increased by 2.77% within the past day to $1.12 trillion. Also, the market volume gained 4.02% within the past day to $44.63 billion.
Also, Bitcoin heads towards the $24K mark, changing hands at $23,685 during this publication. That triggered bullish tendencies in the alt space.
Stay tuned for upcoming news.
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