What is Sushiswap cooking? Holders brace for bullish movement
The decentralized Sushiswap exchange is not left out Uniswap Labs Announcement v3. In a official post, they introduced new products called BentoBox and Kashi Lending. Now, platform users have a new tool to maximize their earnings:
BentoBox is a safe, serving as a decentralized “App Store” in which you can deposit assets to activate other Dapps. We are excited to announce that Kashi is our first Dapp within BentoBox, a margin trading platform powered by its loan protocol, allowing users to create loan token pairs in a wide variety of ways. likely to optimize returns.
BentoBox will allow its users to generate profits from flash loans and other product-based strategies, the statement said. Kashi will be the instrument that will allow the use of tokens stored in BentoBox:
for lending, borrowing, and most importantly, one-click leveraged business transactions.
The announcement coincides with data shared by analyst Ali Martinez, recording an increase in Sushiswap-related development activity over the past week. As shown in the image below, development activity increased from early March until it peaked on the 13th of this month.
Simultaneously, the analyst indicated that a distribution chart of SUSHI holders indicates that “insiders can prepare for a bullish momentum.” Over the past two days, addresses holding the SUSHI token have increased by 8.10%, from 10,000 to 100,000.
In anticipation of a possible bull-run, 15 new “medium-sized” whales have taken up positions on SUSHI since March 24th. As a result, the buying pressure on SUSHI has increased significantly. These investors seem confident that the price of SUSHI will extend its rally in the coming days.
Sushiswap (SUSHI) outperforms UNI
Over the past day, according to data from DeFi Pulse, Sushiswap saw a 0.64% increase in Total Locked Value (TVL) to rank 6th in the top 10 DeFi protocols. In contrast, Uniswap grew 3.40% over the same period.
However, the governance token SUSHI has seen higher growth in the last 24 hours with gains of 12.3%. On the weekly chart the losses still stand at 16.6%, but on the monthly chart the gains are 12.4%.
UNI posts 4.7% gains on last day and is trading at $ 28.42. In the near term, SUSHI holders could still face significant resistance. IntoTheBlock’s Global In / Out of the Money metric indicates that approximately 5,200 directions bought 87 million SUSHI in the high $ 10 range. These investors could profit at current levels.