Assessing why Bitcoin could be key to SUSHI’s recovery
SushiSwap’s token SUSHI has been in a bit of a rut for some time now, but the issues in its price action are not limited to the spot market. Its performance in the DeFi market too has been rather lackluster. Even so, SUSHI happens to be very dependent on Bitcoin and it seems like only the king coin can save it now.
While there are many other DeFi protocols that are faring well and recovering, SushiSwap continues to decline in terms of TVL and volumes. Down from $7 billion to $5.4 billion, the protocol, at press time, had already lost 22% of its TVL in 10 days.
SushiSwap TVL | Source: DeFi Llama – AMBCrypto
On top of that, its volumes too have fallen by 50.76%. And, as the protocol suffered, so did its token SUSHI in the spot market.
Its price
Read more on ambcrypto.com
