SushiSwap (SUSHI) prices rose on September 16 after another day of earnings for decentralized exchange (DEX) tokens.
The SUSHI / USD pair rose 7.54%, or $ 1.14, to hit $ 16.31 for the first time since May 21.. The bullish movement of the pair propelled its gains on a tight 24-hour time frame to 23%, making SUSHI the best performing DEX token in the indicated period.
For instance, UNI, the token that represents the main DEX Uniswap by market capitalization, jumped 6.23% against the US dollar in the previous 24 hours. Meanwhile, PancakeSwap (CAKE) was up 2.5%, THORChain (RUNE) was up around 13% and Curve (CRV) was up more than 4.5%.
Why does SushiSwap lead the DEX?
Decentralized Finance Industry Analyst Kris Kay he pointed that SushiSwap, as a DEX platform, has spread to more blockchains lately than its peers. As a result, has been generating more commissions for its userss, thus increasing the prospect of holding SUSHI tokens.
Specifically, the last round of purchases in the SUSHI markets occurred one day after SushiSwap Announces Arbitrum Deployment, a Layer 2 scaling solution for decentralized applications powered by Ethereum or DApps.
With super fast transaction speeds, you never have to sit and wait for tx confirmation again at https://t.co/aoFOsbikeu.
Just try switching your network to Arbitrum today!
$ 30M TVL and counting … pic.twitter.com/qgmybXWhjt
– SushiChef (@SushiSwap) September 15, 2021
“With super fast transaction speeds, you will never have to sit back and wait for confirmation from tx at https://t.co/aoFOsbikeu.
Try switching your network to Arbitrum today!
30 million dollars from TVL and counting … “
It also revealed that stakers had locked $ 30 million worth of SUSHI tokens in Arbitrum’s smart contracts.
Kay noted that SushiSwap’s efforts to scale its DEX solutions across multiple Layer 1 and Layer 2 chains are also contributing to the growth of its ecosystem. For instance, The platform has launched many new services in recent months, including liquidity provider DeFi Onsen and loan dapp Kashi.
On September 2, SushiSwap also unveiled its upcoming non-fungible token market (NFT), dubbed Shoyu. Sales volumes of blockchain-verified unique digital collectibles grew from $ 13.7 million in the first half of 2020 to $ 2.5 billion in the first half of 2021..
SUSHI Price Outlook
Consequently, SUSHI has outperformed its DEX rivals in terms of intermediate returns. Its profits in the previous seven days exceed 45%, compared to 16.93% for UNI. Nonetheless, SUSHI is trailing in year-to-date earnings (YTD), with a jump of more than 370% compared to UNI’s 474% earnings.
In the meantime, PancakeSwap’s CAKE has led the pack for the best DEXs after delivering over 3.330% profit so far this year.
“SushiSwap is currently the 5th highest earning protocol”Kay tweeted, hinting that the DEX is likely to grow more in the coming sessions.
“SushiSwap started as a decentralized exchange, but it is evolving into much more”, said.
“A set of DeFi products, all of them generating income for the community treasury and, of course, SUSHI holders.”
Sushi Swap is currently the 5th highest earning protocol
– Kris Kay | DeFi Donut (@thekriskay) September 14, 2021
On the technical charts front, SUSHI has lagged behind in the recent altcoin market boom. But the rise of the SushiSwap token in recent sessions has sent it above $ 15, a key psychological resistance level, which is now acting as support.
Scott melker, an independent market analyst, noted that there are thin resistance lines ahead, which means SUSHI could be headed harder to form a new all-time high.. The previous high of SUSHI / USD stands at $ 24.69. Melker added:
“Those lines at the top are the target, although we know that if they turn into support, we will have a price discovery looking for new highs.”
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