SUSHI price dropped 53% over the past 24 hours as SushiSwap founder converted a portion of SUSHI to ETH

By Emma On Sep 5, 2020

Chef Nomi, founder and lead developer of SushiSwap, converted a portion of SUSHI tokens allocated for the development of the SushiSwap ecosystem to 17,971 ETH, the amount is worth about 6.3 million dollars at the press time.

BREAKING ?

Anonymous founder of @SushiSwap sells all of his $SUSHI ?

WHO COULD HAVE POSSIBLY PREDICTED THIS?! https://t.co/DtZoqQhUUt pic.twitter.com/cEje9335fZ

— Spencer Noon (@spencernoon) September 5, 2020

According to Chef Nomi, the tokens have been converted to ETH so he can “stop caring about prices” and “focus on the technicality of the move.” SushiSwap plans to move Uniswap LP tokens deposited on its service to the upcoming trading platform Sunday.

“People asked if I exited scam. I did not. I am still here. I will continue to participate in the discussion. I will help with the technical part. I will help ensure we have a successful migration,“ Nomi explained.

SushiSwap has been launched with much fanfare, advertises itself as an “evolution” of the Uniswap decentralized exchange protocol. Within three days of launch, the platform amassed $ 700 million in asset deposits. SushiSwap currently has $ 1.1 billion in deposits, according to tracking company Zippio.

Nomi’s latest action caused the price of SUSHI tokens to drop 53% in the past 24 hours and is currently trading at around $ 2.25.

Part of the reason may be that ETH has dropped 12% in the past 24 hours, as the main DeFi protocols all live on the Ethereum blockchain.

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