Decentralized finance continues its seemingly unstoppable rise with new token SUSHI jumping 946% in 48 hours.
The wild world of DeFi tokens continues with yet another explosive action for a newly launched meme coin. Sushi, which is a token for the SushiSwap protocol, has rocketed nearly 1000% in the past two days.
After dropping to lows of $0.69 on August 29, the token’s price cracked $7.00 before retracing to trade around $6.60.
Increased buying on Uniswap then saw it jump to an all-time high at $8.05, cracking open extreme excitement among ‘SUSHI farmers.‘
The token is currently ranked 74th with $195 million in market cap, according to data on crypto price aggregator CoinMarketCap.
SUSHI/USD rebounds after FTX listing
Like many other decentralized finance governance tokens, Sushi’s strong rebound is linked to its listing on the FTX exchange. Immediately after trading support was added, the price jumped from around $3.14 to $6.80.
Investors have since poured money into the protocol as the total value locked in the asset has jumped to over $1 billion.
The price of SUSHI has jumped over 115% in the past 24 hours and is currently exchanging hands around $7.72, which means traders have seen it surge nearly 1000% in just two days.
SUSHI may rise to $10.00 in the short term before a pullback due to profit-taking. Prices in the $3.00-$5.00 range provide a major support area. Above $8.00, price discovery could see the token mirror YF Link and Yearn.finance’s YFI.
Total value locked hits $1 billion in two days
According to data from Sushi zippo, the total value locked (TVL) in SushiSwap has risen to $1.2 billion in just three days. This is a result of increased liquidity farming that has seen the Uniswap fork utilize liquidity pool tokens on the popular Ethereum-based Automated Market Maker tool.
SushiSwap TVL is 76.5% of Uniswap value, data on sushi.zippo.io shows.
On its part, Uniswap now ranks third on DeFi Pulse in terms of TVL. The protocol has seen collateral deposits surge 49% in the past 24 hours to hit $1.33 billion. This places the protocol just behind second-placed Maker with $1.5 billion and ahead of Curve Finance that has $1.06 billion in TVL.
A total of $9.03 billion is currently locked in various DeFi protocols, 17.7% of that in Aave.
Investors will be encouraged to learn that blockchain security firm PeckShield (and probably Quantstamp) is looking to audit the SushiSwap smart contracts. Not long ago the unaudited Yam Finance crashed 99% after a bug made it ungovernable.