SUSHI holders may have cut exposure long before SEC summon- Here’s how

ambcrypto.com:

Although associated with the DeFi movement, SushiSwap’s [SUSHI] recent escapades have reeked of adversity with the U.S. SEC knocking on its doors.

However, the troubles of the project did not begin with the regulatory Subpoena it received lately. Instead, holders of the token have been considering and acting upon their exit strategy since the last year.

How much are 1,10,100 SUSHIs worth today ?

According to Santiment, the SUSHI 365-day dormant circulation had experienced several spikes amid the unfavorable market conditions of 2022 and since 2023 began. The metric describes the number of tokens that haven’t moved in one year being transferred on a particular day.

Notably, the dormant circulation increase has been more visible, in large numbers since 20 February. A similar occurrence happened on 3 March, and most recently— on 22 March. This series of increases implies that long-term holders may have lost faith in a SUSHI revival. Hence, the resolve to exit their positions.

Source: Santiment

Moreso, the protocols’ network growth had also been in shambles, laying flat at 48. The network growth illustrates the rate of user adoption in terms of new entries. So, since it was down bad, it implied that new addresses have invariably struggled to exist on SushiSwap as shown above. 

It was, indeed, a piece of good news that the community may have displayed dedication to supporting its legal cause. Besides, it was found that the Unique Active Wallets (UAW) registered consistent growth and usage. Well, the metric describes protocol usage and measures the level of interaction with decentralized applications (dApp) smart contracts on the network.

According to DappRadar, the UAW impacted the SUSHI growth at different intervals over