SushiSwap (SUSHI) price is down more than 93% from its all-time high. Specifically, at press time, SUSHI is trading around $ 0.95, down nearly 15% in the past 24 hours.
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SUSHI/USD 4-hour chart | Source: TradingView
SUSHI price is down nearly 94% from its ATH at $ 15.97
As you all know, SushiSwap (SUSHI) is the native token of the Uniswap fork of the same name. And this is the first time it is trading below $ 1 since its listing on Binance.
SushiSwap was once a famous name in the cryptocurrency market, and in particular, it also caused a big drama with its mysterious creator Chef Nomi. With its rebellious launch that only took a single week, SushiSwap was meant to take power from VC-campaign Uniswap and hand it back to the community.
SUSHI tanked over 75% in one day on Sept. 5 after the master chef swapped his SUSHI for Ethereum and distanced himself from the project. SUSHI had a relief rally when FTX CEO Sam Bankman-Fried was handed control over the protocol.
Next week, SushiSwap became the largest DEX with $ 1.4 bln worth of total value locked (TVL) because of its successful vampire-mining attack on Uniswap. Still, the token was nowhere near its previous highs. Chef Nomi’s repentance caused a 50% rally on Sept. 11, but it was sustainable.
According to data provided by DeFi Pulse, SushiSwap’s TVL dipped to $ 325.7 mln on Oct. 4, plunging 77 percent from the Sept. 12 peak.
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