Sushi, the price of the token between ups and downs
Sushi is a token that has the spotlight on the saga that is involving, for better or worse, the fans of the sector with the decisions of Chef Nomi, founder of the new DeFi protocol created by the Uniswap fork, to unexpectedly sell all his shares in favor, causing a drop in prices of over 90%.
The decision was justified as a step to make the governance of the project independent for the benefit of the community, handing over control of Sushi Swap to Sam Bankman-Fried.
He promised to transfer the keys to a multi-sig portfolio ensuring its decentralization.
A decision that has restored the momentary confidence of the owners by bouncing the quotations by more than 100%.
The event is reminiscent of what happened at the end of 2017 when Litecoin’s founder, Charlie Lee, sold all his tokens motivating the choice as an incentive to focus on the development of the project. A decision that anticipated the collapse of Litecoin’s prices by a few weeks.
September in red
For the rest of the industry, the first week of September closes with the worst slide in the last six months. Since last March there has been no weekly closure with double-digit losses.
A decline that comes after weeks of euphoria culminating with the tops recorded on the first day of September for altcoin, two weeks behind the Bitcoin highs.
As is often the case in phases of uncontrolled euphoria, the descents can arrive unexpectedly sustained by an irrational fear of danger for a long time.
The descent seems to have been generated more by the taking of benefits than by technical or fundamental reasons.
The explosion of exchange volumes on both centralized and decentralized exchanges culminated with weekend records, the highest ever with over $298 billion passed in hand yesterday, Sunday, 80% of the total among altcoins.
The frenzy of exchanges shows a runaway from futures and options derivatives halving the Open Interest (overnight open contracts) on Ethereum from the tops of September 1, while for Bitcoin Code lose 40% from the historical highs recorded on August 18.
Today’s day with more than 65% of the main cryptocurrency in positive territory, tries to reverse the trend of recent days.
Even among the Top 20 the green sign prevails. The best one is Chainlink (LINK) with an increase that goes over 15% making it regain area 13 dollars and the fifth position in the ranking. Among the best of the big ones, follows Binance Coin (BNB) above +9% from yesterday’s levels and Polkadot (DOT) +6%.
A thrilling weekend for the DOT token that saw the value halved from the tops at the beginning of September, from $6.8 on September 1 to $3.5 on Saturday, September 5. Downhill that caused the token to lose two positions, from fifth to seventh, in the ranking of the major capitalized.