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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

SushiSwap Kicks Off Climb, Why This 40% Rally Is Just Getting Heated

Reynaldo Marquez
Reynaldo Marquez
3 years ago
2 mins read
SUSHI

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Up 57% in two weeks and 40% in 30 days, SushiSwap (SUSHI) moves at its own beat. The decentralized finance (DeFi) token trends to the upside on the back of a potential integration with Stargate, the LayerZero implementation.

Related Reading | Why SushiSwap’s 15% Gain Could Be The Beginning Of An Uptrend

At the time of writing, SUSHI trades at $4.80 with a 14% profit in 24 hours.

SushiSwap SUSHI
SUSHI with small gains on the 4-hour chart. Source: SUSHIUSDT Tradingview

LayerZero is a communication protocol that enables direct interaction between different blockchains. Stargate is a bridge solutions running on top of it.

By integrating with SushiSwap, the decentralized exchange (DEC) could unify the liquidity spread across its 16 different versions. In that way, users would access cheaper cross-chain transactions, more security, new products and investment strategies.

If the integration is approved, for example, liquidity providers on this DEX could expand their rewards. In step of receiving a portion of the transaction fees for 1 liquidity pool running on Ethereum, they could collect rewards from all the pools across the SushiSwap ecosystem.

The voting process that will accept or denied this potential integration has begun. Data provided by the DEX’s governance; this voting will end on April 4, 2022.

Currently, a majority of SUSHI holders have voted yes on the proposal with 6.4 million of the token at the time of the snapshot. This represents 99.99% of the votes so far which suggest overwhelming support for this proposal.

The proposal was presented by Tangle and OxMaki and promises to provide a better user experience for cross chain swaps, maximize trading volumes on Sushi pools, and more benefits to the DEX’s treasury. The proponents wrote:

We propose to have Sushi integrate Stargate to facilitate Omnichain native asset swaps and transfers between networks. This will help unlock the power of Sushi by allowing users to move freely between assets and networks.

SushiSwap Signals More Gains

The DEX and its native token seem to be reacting to this announcement. A pseudonym analyst caught the move to SUSHI’s current levels based on an On-balance volume (OBV), a metric used to measure momentum, downtrend break for the daily chart.

As seen below, the analyst believes SUSHI could reach as much as $6 if the token is able to sustain its current momentum. With the apparent imminent approval of the Stargate integration proposal, a continuation of the upward trends seems likely.

$SUSHI – Nice looking setup with a downtrend break on OBV with confluence with a double bullish supertrend. pic.twitter.com/GqyKDeaUO4

— IncomeSharks (@IncomeSharks) March 30, 2022

Related Reading | SushiSwap Narrowly Escaped A $350 Million DeFi Hack, Here’s How

Additional data provided by Material Indicators (MI) suggest investor with bids orders between $100,000 are dominating the current price action. While this investor class remains optimistic, smaller investors have been selling into this SUSHI rally.

SUSHI SushiSwap SUSHIUSDT
Large investors (purple) buy as retail (yellow) and smaller investors (green and red) sell this SUSHI rally. Source: Material Indicators.
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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