SushiSwap’s SUSHI token has been one of the best performing crypto assets in recent days. In the past day, it is up 30%, making it the best performer mint in the top 100 by market capitalization.
Analysts are confident that the cryptocurrency has room to grow upwards, despite it already being 100% higher in the space of a week.
This is why the cryptocurrency is moving so far and so fast.
Related reading: This is why Ethereum’s DeFi market can be near a bottom
SushiSwap is gaining traction
SushiSwap’s continued rally appears to be related to the surge in retail and institutional interest in the asset.
Sam Bankman-Fried, CEO of FTX and CEO of Alameda Research, recently commented on the exchange and its token SUSHI:
Sushi Swap had a really bad fall as the glow of DeFi summer subsided and the memory of NomiGate lingered. And during that…. it just kept building. I’m not really involved in anything Sushi is doing, but I’m happy to see it continues to move the industry forward. “
This came shortly after the prominent DeFi fund Future Fund revealed it has stake in the cryptocurrency. It cited upcoming technology advancements and releases, including an options-based temporary loss mitigation, credit solution, and other enhancements that will benefit protocol holders.
There are many other prominent investors and analysts in the space who have also recently thrown their weight behind the cryptocurrency. This is likely to increase user interest, driving prices up.
SushiSwap also appears to be benefiting from the expectation that once Unsiwap’s liquidity incentives end, platforms like them will benefit as it experiences a surge in liquidity. Whether this will happen remains to be seen as the liquidity mining period for Uniswap still has several days to go.
Related reading: Tyler Winklevoss: There will be a “Tsunami” of capital for Bitcoin
Overall DeFi Rally
SUSHI’s gathering is also a byproduct of the ongoing gathering in the DeFi space. Top coins in the Ethereum altcoin the risk spectrum has risen tens, even hundreds of percent from their local lows.
SUSHI was one of the top selling coins during the September and October DeFi correction.
Of course, as fundamentals have improved, so has the price trajectory. The cryptocurrency is likely to rise further in the coming weeks and months as the DeFi space remains on its feet after a brutal downturn following a parabolic run-up.
Related reading: 3 Bitcoin On-Chain Trends Show A Macro Bull Market Is Growing
Featured Image from Shutterstock Price tags: SUSHIUSD, SUSHIBTC Charts from TradingView.com Why SushiSwap's SUSHI Has Surge 100% Higher in a Week