SushiSwap(SUSHI)/USDT Price Prediction: 31 January 2022

Overview

The year 2020 led to the birth of numerous DeFi protocols which became very popular in a short period. With the emergence of Yearn. Finance, Uniswap, DeFi space had led the crypto-space on fire. This is when a food-based DeFi protocol, Sushiswap entered the space and quickly became the biggest rival for Uniswap exchange. With a tug of war between the two platforms, many users entered the DeFi space quickly.

Having rallied like a monster earlier by reaching the levels above $23 from just 60 to70 cents, SUSHI is now experiencing extreme tough times. The price is now lowered below $4 while no possibility of a trend reversal surfaces the waters. Yet if the asset goes parabolic once again as it went just after its inception, then one can expect a notable bull run somewhere in Q3 or Q4 of 2022. As Q1 may be extremely bearish while the price may majorly focus on recovery in Q2 2022.  

What is SushiSwap(SUSHI) -In Brief

SushiSwap is a decentralized platform built on Ethereum, using Uniswap’s code. It is a popular DEX that offers its customers the to swap crypto assets and hence the word ‘Swap’ in its name. While the creator probably likes Sushi, and hence it’s SushiSwap. Much similar to Uniswap, Sushiswap uses the concept of the liquidity pool to fund the projects. Also, the liquidity providers get rewards who lend or stake their tokens. 

Founded in 2020 by an anonymous creator calling himself ‘Chef Nomi’ along with co-founder OxMaki, SushiSwap uses the AMM, Smart Contracts to determine the price. Unlike the other blockchain networks which are managed by a central authority, SushiSwap allows you to trade without the need for any intermediately. And hence the decisions on the developments of the network is completely handled by the SUSHI holders.

SUSHI is an ERC-20 token which is the native and governance token of the DEX. There was no ICO held for the SUSHI token and the issuance began on the Ethereum block number 10750000. Currently, sailing on a drowning ship whether the SUSHI token will make a rebound? And if it makes what levels it may reach? Let’s See!

How Does SushiSwap Work?

The working of SushiSwap is much similar to that of Uniswap, consisting of several asset pools. Each pool consists of mainly two tokens ETH and LINK. To offer a smooth user experience and serve with the required dish, SushiSwap built the following applications,

SushiSwap Liquidity Pools(LP)

The liquidity pools are to mine the liquidity by depositing equal amounts of two cryptocurrencies into an existing pool or by creating their pool. The providers are given with SushiSwap liquidity tokens(SLP) which can be further used in Yeild farming

SushiSwap Farming(FARM)

The SushiSwap offers a wide array of farming opportunities to the users, with a wide range of crypto-asset pairs having diversified risks and APY’s. SushiSwap’s own SLP tokens are staked to earn annual interest. 

Staking(STAKE)

Here one can stake SUSHI tokens to earn more SUSHI tokens. The fees collected are being distributed among the holders in form of SUSHI tokens.

Minimal Initial Sushiswap Offering (MISO)

MISO offers a smooth platform that intends to ease the process of the new project launch on SushiSwap. It acts like an IDO launchpad for SushiSwap for both technical and non-technical project founders. 

Additional Read: Daily Crypto News 29th January, 2022

SushiSWap VS UniSwap!

Additional Read: Uniswap vs Pancake Swap: Comparative Analysis 

Will SUSHI Price Hit $50 in 2022?

SUSHI price had begun the trade with a bombastic rise which smashed the levels around $15. Soon after that, it fell into a deep drowning well and plunged below $1. However, the 2021 bull run escorted the price towards its ATH at $23.43. And ever since then the asset is following a notable downtrend within a clear descending channel. No doubt the asset attempted to breach through the downtrend, yet ended up a rejection.

Currently, the SUSHI price has shed off all its gains to trade at the levels that it carried before the 2021 bull run. The trend in all the time horizons is extremely bearish where the buying volume is not able to ease the selling pressure. And hence in such a case, attempting a bull run is very tough and could fall deep down the sea with just a wrong move. 

Therefore, considering the current price of around $4, the SUSHI price may attempt to hit $10 by EOY with a normal trend. Yet if the market sentiments turn out to be extremely bullish, then one can expect the price to hit the ATH above $20 and rally discovering new highs above $30. On the contrary, if the bears become proactive then it may end the yearly trade on bullish note trading below $10. 

Additional Read: Sushiswap Technical Analysis 

Factors Impacting SushiSwap(SUSHI) Price Today

Sushiswap AMM

Sushiswap being a decentralized exchange does not involve any third party to carry out the transactions. As it automatically sets the price using some formulas evaluating the risks and demand. 

Multiple Applications offered

Sushiswap offers multiple applications to its users, like, Swap, Farm, Stake, Lend and borrow

No Account Required

Registering with Sushiswap does not require the user to reveal his identity and hence no account is created or no verification is done. 

SUSHI-The Governance Token

The SUSHI token holders have the power to vote for the rights of the upcoming developments of the platform. Also, the holders are rewarded in the form of SUSHI, hence the users stand chance to win new tokens. 

Where & How to buy SushiSwap(SUSHI) 

If you are thinking of buying SUSHI, then CoinDCX is the best option. Investing, buying, selling or trading is very much simple on CoinDCX. We offer a wide variety of crypto assets at very affordable fees. And hence we are proud to be among the most trusted brands of India when it comes to cryptocurrency exchange. 

Have not registered yet? No worries just follow 3 simple steps,

• Download CoinDCX App on your smartphone
• Enter the required details 
• On verification fund your wallet and start trading! Simple

Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.