Why SushiSwap (SUSHI) Could Be A “Delicious” Investment [Coin Review]

SushiSwap is a fork of the famous Uniswap, launched in September 2020. A few months after its public release, SushiSwap became the largest DeFi (decentralised finance) protocol on the market. The DeFi space’s game-changer aimed to be Uniswap‘s evolved version by offering bigger returns, and allowing to use its token for yield farming. Its native currency is known as SUSHI, an Ethereum-based token.

In this article, we will have a quick overview of SushiShwap (SUSHI), including its features, fundamentals, and price performance. How does SushiSwap work? Will SUSHI token increase in value in the future? Indeed, this article will be especially enticing if you are a “sushi lover.”

SushiSwap’s History

The beginning of SushiSwap was led by two anonymous developers, OxMaki and Chef Nomi. As mentioned earlier, SushiSwap was based on Uniswap’s code. Like its parent, SushiSwap is designed as a decentralised exchange (DEX) that uses Automated Market Markers (AMM). What are DEX and AMM, you ask? We’ll further discuss it in the next section.

After only a week of its release, SushiSwap momentarily eclipsed Aave (AAVE) by accumulating over 1 billion USD of collateral. In just a few days, the market value of the SUSHI tokens soared to over $300 million.

While SushiSwap initially showed how it’s potentially a delicious long-term investment, it has also demonstrated its fishy side. Chef Nomi conducted a typical fraud known as a rug pull, which SUSHI investors discovered early on. He had cashed out his tokens for 37,400 ether (ETH) valued at roughly $13 million.

The controversy was relieved when Sam Bankman-Fried, CEO of cryptocurrency exchange FTX and a SushiSwap early investor, volunteered to donate 5 million SushiSwap tokens. He then took over the crypto project, assembling a new team to help manage it.

Eventually, Chef Nomi also issued an apology to the community and returned all of the tokens he had taken. Some even speculate that this was done to increase public awareness of the project.

Uniswap vs. SushiSwap

Before we compare the two platforms, let us list their similarities. Both are decentralised exchanges (DEXs) that refer to the usage of Automated Market Markers (AMM). DEXs are peer-to-peer markets where transactions are made directly between crypto traders. Meanwhile, AMM is a protocol or algorithm that assists in the pricing of assets. This automated protocol is used instead of an order book approach like traditional exchanges.

Now, we are going to enumerate the key differences between the two:

• Multichain DEX: SushiSwap is a genuine Multichain Automated Market Maker present on over 16 blockchain networks, including Ethereum, Polygon, BSC, Harmony, Fantom, and others. While Uniswap is only present on 4 blockchain networks.
• Liquidity Mining: Uniswap doesn’t have a liquidity mining program.
• Onsen Program: There were no extra Uniswap prizes for introducing new tokens. Meanwhile, SushiSwap has a feature called the “Onsen Program,” which gives liquidity to new tokens.

Pros and Cons: Why or Why Not SUSHI?

Of course, there are several things to consider before making your final investment decision. First, here are some of the reasons why investing in SUSHI is worthy:

Pros

• SushiSwap has grown in popularity, which is one of the reasons for the coin’s strong performance in 2021.
• Holders of Staked Sushi (xSUSHI) earn a percentage (0.05%) of its platform’s trading fees.
• SushiSwap is a unique project that stands out in a competitive market.

Cons

There are benefits to investing in SushiSwap, but there are also drawbacks. Here are some reasons why you should think twice about buying the token:

• SushiSwap is not without controversy, and that’s when Chef Nomi did a rug pull that decreased the community’s trust.
• SushiSwap has excessive gas prices, which is a drawback that all other Ethereum AMMs have.
• SUSHI is still highly volatile, implying that the odds of losing money are as large as the chances of profiting.

SushiSwap’s Current Ranking And Recent Performance

According to the live data from CoinMarketCap, SushiSwap (SUSHI) is currently selling at over $1.3 with a trading volume of $126,985,381 USD and a market cap of $175,141,125. As of May 17, 2022, SushiSwap holds the 154th rank by market cap.

SushiSwap experienced its all-time-high (ATH) of $23.38 in March 2021. However, looking back to its price earlier this year, SushiSwap experienced a drop in value.

What Do Experts Think About SushiSwap (SUSHI)?

You can find a lot of SushiSwap Price Prediction statistics online, which you can look at if you’re interested in the possible price performance of SUSHI. Here are some forecasts from a few well-known crypto experts.

Digital Coin Price is optimistic about the future of SushiSwap. By 2025, experts have forecasted that SushiSwap has an excellent possibility of doubling in price. Then by 2030, SushiSwap could hit the maximum price of $6.49.

SUSHI prices are expected to rise, according to Trading Beasts‘ predictions. SUSHI prices are anticipated to average $3.69336 by the end of 2025.

Experts from Price Prediction also see a positive outlook for the future price of SUSHI. By 2025, SUSHI is expected to hit the maximum price of $5.72, while it could also hit a maximum price of $31.80 by 2030.

Disclaimer: All price predictions and forecasts are offered for informational purposes only. Any material on this website should be construed as financial advice, legal advice, or any other type of investment advice. Before investing in any cryptocurrency, you should thoroughly perform your research and analysis.

Where Can I Get SUSHI?

Buying SUSHI from a reputable platform is the first step in investing in SushiSwap. Make sure the platform you choose is user-friendly and appropriate for an investor with your level of competence. Binance, Huobi Global, and OKEx are a few exchanges you can choose from to start your investment.

Conclusion

SushiSwap is one of the fascinating cryptocurrency projects currently available. But be cautious before investing; only invest money you are willing to lose.

If you are not comfortable with SushiSwap, you may invest in other coins. You have the ball in your hands. The most essential thing is to learn about each cryptocurrency you wish to invest in, assess whether it is suitable for your portfolio, and then purchase the token from a reputable exchange.