SushiSwap’s native token, SUSHI, has undergone a strong rally over the past 24 hours. The leading cryptocurrency is up 10% in the past 24 hours, pushing to multi-week highs after a few days of slow price action.
SUSHI’s rally comes as Bitcoin has thrust higher, pushing to new all-time highs at $29,500. The leading cryptocurrency currently trades for $29,000 after a slight correction.
The rally in the Ethereum-based Wall Street Veteran Kickstarts Own Bitcoin Fund With $25m Investment
SUSHI Rallies With Other DeFi Coins
SushiSwap’s rally over the past 24 hours to 48 hours comes as the DeFi market has finally mounted some sort of recovery.
Many top decentralized finance coins, such as UNI and YFI, have faced strong corrections over recent weeks. While Ethereum has been rallying, most attention has been focused on Bitcoin and smaller DeFi Founder Targeted in $8m Hack Says He Has His Hacker’s IP
Strong Fundamental Trends
SUSHI’s rally comes on the back of strong fundamental trends for the SushiSwap platform itself. Andre Cronje, founder of Yearn.finance, said on SushiSwap and SUSHI when he announced a partnership between the protocol he founded and the exchange:
“I had been outspoken in the past about the things that Sushiswap did wrong, but I cannot overstate how much they have done right. In the past weeks of interacting with 0xMaki I have developed immense respect for their character, their capabilities, and their execution. Boring, has given me a similar experience, and shown me to be an incredibly strong, motivated, and talented developer, quickly catching mistakes that I did not notice. These two alone would be invaluable to have along for our mutual journey, yet the Sushiswap team is so much more and they will continue to grow.”
Developers are expected to soon roll out a new platform called BentoBox.
This BentoBox solution will be an on-chain lending solution that will enable margin trading for the long-tail of assets on Ethereum. SUSHI is expected to accrue value from this launch as stakers of the
