Sushi Anyone? 4-day old SushiSwap DeFi Coin Climbs 190% to $10 in 24 hours
The YAM token debacle which we’ve repeatedly reported on didn’t prove as enough of a warning for DeFi as a new coin seems to surpass the violence that even YFI has been putting out these last days (it traded near $40,000 yesterday).
SushiSwap (SUSHI), the newest Uniswap coin, is rising some 200% today towards a value of $10 (versus $3,57 yesterday).
>> Trade SushiSwap now at Binance + 20% lifetime discount on all fees
For a four day old coin, that is incredible to say the least. All time high was achieved just an hour ago at $11,93. In the last 24 hours, some $536 million in Sushi was traded.
What happens when you sell all your $SUSHI too early? You YOLO back in at the ATH at 4x the price. Nom Nom Nom pic.twitter.com/AU8r3qZQzg— Arthur Hayes (@CryptoHayes) September 1, 2020
Binance also listed SushiSwap (SUSHI) a couple of hours ago and is also one of the reasons the price is booming right now.
#Binance Lists @SushiSwap $SUSHI & @DfiMoney $YFIIhttps://t.co/TTKWB6KRhT— Binance (@binance) September 1, 2020
What is SushiSwap?
Well, in order to understand SUSHI (the coin, not the food that is), you basically have to understand Uniswap, which is a decentralized exchange
Uniswap: as you know, people in the crypto scene want to trade tokens, and tokens are normally traded on Ethereum. So where do you go? Centralized Exchange, well this might just be illegal in your jurisdiction, so for that reason Uniswap, a Decentralized Exchange is a better idea.
So then you pick the coin that you want to trade your Ethereum for and “swap” them. This is what swapping is.
Uniswap’s latest DeFi product is called SUSHI and it is proving to be a true marketing hit.
The Degenerate De-Fier’s Guide To Sushi is a highly recommended listen and the CoinMarketCap top 100 a good source to see a coin that is clearly running away with it.
To finish, let me leave you with the very entertaining words of CryptoHayes, who stated:
What happens when you sell all your $SUSHI too early? You YOLO back in at the ATH at 4x the price. Nom Nom Nom