SUSHI has been underperforming, but can it be saved by Bitcoin?
SushiSwap (SUSHI) is a fork of Uniswap that is based on the Ethereum blockchain.
It provides a decentralised exchange that allows you to swap tokens, earn rewards via yield farming and provides other passive income opportunities, which have made it an attractive investment for many crypto enthusiasts. Since its launch in 2021, it has seen an impressive growth rate, evolving into a popular rival to the leading DEX Uniswap. Its performance has been linked to the performance of Bitcoin, and therefore Bitcoin's recovery is key to SUSHI's recovery from the recent crypto crash.
SUSHI has been under a lot of pressure in the last few days plunging below $8 at the time of writing. Only two months ago, it reached its best level in four months at $16.31.
But perhaps we must first wait and see if and when Bitcoin will rebound.