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As a hallmark of a DEX, SUSHI is affected in many ways by developments in the DeFi markets. However, of late, the decline has been such that despite a 71% recovery from the June lows, SUSHI is still far from turning a profit for its investors.
SushiSwap is unique…
SUSHI was one of the few altcoins that did not make a new all-time high (ATH) in May 2021. Instead, it reached its high in March 2021 and was in a downtrend after May.
In fact, since the aforementioned ATH, the cryptocurrency has plummeted more than 93.4% in a year and a half.
Sushi exchange price action | Source: TradingView – AMBCrypto
Even though the crypto market is in the midst of recovery, SUSHI has yet to really recoup its investors’ losses.
However, the situation is not similar in reverse, as the improvement on the DeFi front has not had a significant impact on the altcoin.
Between June and August 7, SushiSwap’s performance as a DEX has improved after a downward trend of more than eight months. The first appearance of the same was visible when looking at the average monthly users on the DEX.
By November 2021, a total of 170,000 users could appear active on the platform. The number dropped to just 49 thousand by the end of June.
Last month, 7 thousand users returned to the network. Interestingly, higher numbers are expected this month, as in the first week of August, more than 15 thousand users have already been registered.
Total SushiSwap users | Source: Dune – AMBCrypto
However, along with their presence, it is important to increase their activity, which is the main driving factor for growth. SushiSwap recorded a total volume of $1.8 billion in June, which decreased slightly to $1.52 billion last month.
Now, August is expected to see $1.3 billion worth of volume by the end – lower than July.
SushiSwap volume | Source: Dune – AMBCrypto
Even so, with over $336 million in volume recorded last week, SushiSwap is close to surpassing Balancer. In this way, it can claim the latter’s position as the fourth largest DEX in the market.
Hopefully, with such changes, SUSHI could also see some growth and recover some of its 93% losses.
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