- There was a monthly increase of over 105% for the Sushiswap (SUSHI) token.
- Over 13 million traders want to sell off their tokens.
Sushiswap (SUSHI) is currently leading the lines for the native token of DEXs in terms of increases. So, it is following in the footsteps of the broader crypto market to increase by more than 105%. But there’s a problem.
Sushiswap (SUSHI) Delivers Over 105% Increase in 30 Days
- One of the credible signs of the current crypto market is the resurrection of many decentralized exchange tokens. So, these are the native cryptocurrency decentralized exchanges. One is the Sushiswap (SUSHI) token, which is having a good time in the market.
- Similar tokens like PancakeSwap (CAKE) and Uniswap (UNI) are also having an excellent bullish run in the market. So, the Sushiswap (SUSHI) token already has a monthly increase of more than 105%. At the time of writing, there’s some reduction in this figure to stand at around 88%. Nevertheless, this shows positive progress. But there are also the negative signs. So, the primary concern is the number of traders trying to sell off this token.
Traders Transferring Sushiswap (SUSHI) to Exchanges
- According to recent data, many crypto traders and investors are transferring Sushiswap (SUSHI) to exchanges. So, in the crypto market, transferring a large number of tokens to a crypto exchange means a sale is likely. It is very obvious that many traders are trying to sell off. According to the Glassnode chart, SUSHI holders made 226 Exchange Deposit transactions on November 16. So, the Exchange Deposits metric tracks the daily number of unique transactions flowing from cold storage into crypto exchange-hosted wallets.
- According to recent findings, investors are increasingly shifting tokens in crypto trading platforms, possibly to exploit short-term opportunities. So, when something like this happens, there will likely be a price drop. Perhaps that’s why there’s a decrease in the monthly gains.
New Data Shows Sushi Sellers are All Over The Spot Market
- According to data, Sushiswap (SUSHI) is increasingly taking over the spot market. So, Aggregate Data from Order Books of crypto exchanges further affirms this position. The simple interpretation is that many of those holding the SUSHI token want to sell it. IntoTheBlock’s aggregate data from around 10 exchanges shows that crypto traders have 13.7 million SUSHI up for sale.
- The chart shows the number of sellers is currently bigger than those that want to buy. So, this implies dominant bearish momentum. At this point, the recent increases from Sushiswap (SUSHI) are not sustainable.
Conclusion
Sushiswap (SUSHI), in the past month, was increasing massively in price. But it is currently having a problem in the market. So, the number of people who are trying to sell off this token is in their large numbers. According to data from IntotheBlock, the number of sellers in the spot market is currently bigger than the number of buyers.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
