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SushiSwap Price Prediction 2024: What is SushiSwap (SUSHI)?

Last Updated January 8, 2024 3:46 PM
Peter Henn
Last Updated January 8, 2024 3:46 PM

Key Takeaways

  • SUSHI climbed significantly in late October and early November 2023. 
  • The platform launched an update on October 23, 2023.
  • Can SUSHI cash in?
  • Two SushiSwap price predictions say it can reach $2.70 next year. 

SushiSwap shot up in late October and early November 2023. The DEX token’s climb was linked to a new wallet which, in turn, triggered allegations  of price manipulation. 

However, a new  version of the exchange, which enabled cross-chain trades, had already gone live on October 23, 2023. 

SushiSwap did not immediately respond to a request for comment.

But what is SushiSwap (SUSHI)? How does SushiSwap work? Let’s see what we can find out, and also take a look at some of the SushiSwap Price Predictions that were being made as of January 8, 2024.

SushiSwap Price Prediction

Let’s examine some of the SushiSwap price predictions being made on January 8, 2024. It is crucial to bear in mind that price forecasts, particularly for a potentially volatile asset like cryptocurrency, often turn out to be inaccurate. Additionally, please remember that many long-term crypto price predictions are generated using algorithms, which means they can change at any time.

2024 2025 2030
Prediction #1 $2.26 $2.70 $7.80
Prediction #2 $1.56 $2.64 $6.61
Prediction #3 $1.88 $2.70 $15.22

SushiSwap Price Prediction for 2024

DigitalCoinPrice  said that SUSHI could reach $2.26 this year. CaptainAltCoin ’s short-term SushiSwap price prediction said it would go to $1.56 in December 2024. PricePrediction.net  said the token would be worth $1.88 in 2024.

SushiSwap Price Prediction for 2025

Moving on, DigitalCoinPrice’s SushiSwap price forecast said it would trade at $2.70 in 2025. CaptainAltCoin said it would be worth $2.64 then. PricePrediction.net thought SUSHI would reach $2.70 next year.

SushiSwap Price Prediction for 2030

Looking at a more long-term SushiSwap price prediction, DigitalCoinPrice said the crypto would reach $7.80 in 2030. CaptainAltCoin thought it would be worth $6.61 then. PricePrediction.net’s SUSHI price prediction had its trade at $15.22 at the start of the next decade. 

Google BardAI Price Prediction for SushiSwap (as of January 8)

Google’s BardAI platform gave the following price prediction for SushiSwap on January 8. Please remember that price predictions are very often wrong and that artificial intelligence should not be trusted.

Short Term (Next 3 months)

  • Price range: $0.80 to$1.00
  • Reasons:
    • Overall market sentiment: If the overall cryptocurrency market experiences a positive upswing, SushiSwap is likely to follow suit.
    • Development updates and partnerships: Significant advancements in the SushiSwap ecosystem, such as new features, partnerships, or integrations, could boost investor confidence and drive up the price.
    • Institutional adoption: Increased adoption of SushiSwap by institutional investors could lead to increased demand and higher prices.
    • Regulatory developments: Favorable regulatory changes could foster a more supportive environment for decentralized exchanges like SushiSwap, potentially enhancing its appeal and value.

Medium Term (Next 6 months)

  • Price range: $0.93 and $1.75
  • Reasons:
    • Adoption by decentralized finance (DeFi) applications: SushiSwap is a popular decentralized exchange (DEX) that is used by a wide range of DeFi applications. If DeFi usage continues to grow, this could drive up demand for SUSHI and boost its price.
    • Integration with new blockchains: SushiSwap is constantly working to expand its reach by integrating with new blockchains. This could open up new markets for SUSHI and potentially increase its price.
    • Development of new features: The SushiSwap team is constantly working on new features to improve the platform. If these features are well-received by users, this could increase the demand for SUSHI and drive up its price.
    • Overall market conditions: The overall cryptocurrency market can have a significant impact on the price of SUSHI. If the market is bullish, SUSHI is more likely to rise in price. Conversely, if the market is bearish, SUSHI is more likely to fall in price.

Long Term (Next 5 years)

  • Price range: $30.00 to $50.00
  • Reasons:
    • Adoption of decentralized exchanges: If decentralized exchanges continue to gain popularity, SUSHI could benefit from this trend.
    • Development of new features: If SushiSwap continues to develop new features and improve its platform, it could attract more users and increase the demand for SUSHI.
    • Overall cryptocurrency market: The price of SUSHI will ultimately be driven by the overall cryptocurrency market. If the cryptocurrency market continues to grow, SUSHI could also see significant growth.

SUSHI Price History

Now, let’s examine some of the highlights and lowlights of the SushiSwap price history . While we should never take past performance as an indicator of future results, knowing what the coin has achieved can provide us with some very useful context if we want to make or interpret a SushiSwap price prediction.

SUSHI hit the open market in August 2020. It was worth about $3.40, but it soon shot up to over $10 before settling down again. The bull market of early 2021 saw SUSHI reach an all-time high of $23.38 on March 13. After that, the token went into something of a downturn and closed the year at $9.44.

A crypto bear market formed in 2022. The collapse of both the Terra (LUNA) blockchain and the FTX (FTT) exchange took its toll on SUSHI. The token closed the year at $0.9239, an annual loss of 90%.  

SushiSwap in 2023 and 2024

SushiSwap price history
SushiSwap in 2023 and 2024 | Credit: CoinMarketCap

So far, 2023 has been a pretty unimpressive year for SUSHI. It started well enough, breaking past $1 early in the year. However, the crash following the United States Securities and Exchange Commission (SEC) suing the Binance and Coinbase exchanges saw it drop to $0.547 on June 10. 

The token recovered over the following months, peaking at $0.7992 on August 14 before falling again. On October 19, it was worth $0.5247. There was another fightback, and the climb became a surge when it traded at $1.26 on November 2. Since then, it has fallen. On January 8, 2024, SUSHI was worth $1.04.

At that time, there was a little over 232.6 million SUSHI in circulation out of a total supply of 250.2 million. This gave the token a market cap of about $243.2 million, making it the 229th-largest crypto by that metric.

SushiSwap Price Analysis

SUSHI Price Analysis
SushiSwap has been faling over the last month or so.

The price of SUSHI has declined since reaching $1.50 on December 5, its highest point since last February. This was the culmination of an uptrend which started on October 19, when it was worth about $0.50.

Since December 30, when it was worth $1.40, we saw a decrease of 33%, falling down to just below $1. It is possible that it could drop to $0.70.

After that, though, it could recover to at least $1.60, or maybe even higher at some point this year.

Is SushiSwap a Good Investment?

It is difficult to tell. The crypto has shot up after apparent whale activity, but it appears to be going down again. Its rumored links to Sam Bankman-Fried aren’t going to help at this time, either. The platform was one of the more prominent DEXes a few years ago, but it has started to become eclipsed. 

On the other hand, it is still going and has a pretty active community. 

As ever with crypto, you will need to make sure you do your research before deciding whether or not to invest in SUSHI.

Will SushiSwap go up or down?

No one can tell right now. While the SushiSwap crypto price predictions are largely positive, price predictions have a well-earned reputation for being wrong. Keep in mind, too, that prices can, and do, go down as well as up. 

Should I invest in SushiSwap?

Before you decide whether or not to invest in SushiSwap, you will have to do your research, not only on SUSHI, but on other, related, coins and tokens such as Uniswap (UNI). Either way, you will also need to make sure that you never invest more money than you can afford to lose.

Who is the Founder of SushiSwap?

SushiSwap was created by a pseudonymous developer named Chef Nomi in September 2020, as a fork of Uniswap, a popular decentralized exchange on the Ethereum blockchain. Chef Nomi developed SushiSwap with the aim of providing a more user-friendly, efficient, and community-governed alternative to Uniswap.

The project quickly gained popularity, and its native token, SUSHI, saw significant price gains. However, in November 2020, Chef Nomi abruptly abandoned the project and sold a large portion of the SUSHI tokens held by the project’s treasury. This led to a sell-off of SUSHI tokens, and the community of SushiSwap users rallied to take control of the project.

The community elected a new development team, removed Chef Nomi’s funds from the treasury, and rebranded the project as SushiSwap. The project has continued to grow since then, and it remains one of the most popular DEXes in the world.

Richest SUSHI Wallet Addresses

As of January 8, 2024, the five wallets with the most SUSHI were

  • 0x8798249c2e607446efb7ad49ec89dd1865ff4272. This wallet held 32,241,526 SUSHI, or 12.89% of the supply.
  • 0x5a52e96bacdabb82fd05763e25335261b270efcb. This wallet held 26734,719 SUSHI, or 10.69% of the supply.
  • 0xf977814e90da44bfa03b6295a0616a897441acec. This wallet held 25,468,679, or 10.18% of the supply.
  • 0x6cc5f688a315f3dc28a7781717a9a798a59fda7b. This wallet held 19,044,523 SUSHI, or 7.61% of the supply.
  • 0xe94b5eec1fa96ceecbd33ef5baa8d00e4493f4f3. This wallet also held 12,727,210, or 5.09% of the supply.

At a Glance

Supply and Distribution Figures
Total supply (as of January 8, 2024) 250,204,042
Circulating supply (as of January 8, 2024) 232,592,784 (93,04% of total supply)
Holder distribution Top 10 holders owned 52% of total supply, as of January 8, 2024.

From the Whitepaper

SushiSwap aims to create a decentralized exchange (DEX) that is more user-friendly, efficient, and community-governed than existing options. The project leverages the Ethereum blockchain and the concept of yield farming to provide liquidity providers with incentives to stake their assets.

SushiSwap (SUSHI) Explained

SushiSwap  is a decentralized exchange (DEX). The pseudonymous Chef Nomi founded it in 2020. Nomi has been rumored to be FTX founder Sam Bankman-Fried, but the disgraced former billionaire and convicted fraudster has denied this. 

SushiSwap, which is based on the Ethereum (ETH) blockchain, allows people to buy, sell, and trade whichever cryptos they want at a price set by the market. This makes it different from centralized exchanges (CEXes), which have a controlling authority deciding what can and can’t be traded.

The SUSHI token supports SushiSwap.

How SushiSwap Works

Users tie up their assets into smart contracts to create liquidity pools that fund SushiSwap. Traders then swap their tokens and coins in and out of the liquidity pool, meaning they can buy and sell on the DEX. 

If a pool does not exist, users can create one and set their rates of exchange. This can be corrected further down the line. If you trade against an asset that is locked in, you have to pay a fee that is distributed across all contributors to the liquidity pool based on how much the individual contributor has put in. 

SUSHI holders can vote on decisions related to the governance of SushiSwap itself. 

Anyone can make a proposal to be voted on, but there is one important caveat. While anyone who holds SUSHI can vote, the votes are merely advisory, rather than binding. This means that people elected by coinholders have to approve the decisions made by the electorate.

People can also buy, sell, and trade SUSHI on exchanges.

Because SushiSwap is based on Ethereum, SUSHI is a token, not a coin. You might see references to such things as a SushiSwap price prediction, but these are wrong.

SushiSwap Attention Tracker

SUSHI’s Google search volume
SUSHI’s Google search volume for the last 90 days. Credit | Google
Here is a chart for SushiSwap SUSHI’s Google search volume for the past 90 days. This represents how many times the term “SushiSwap SUSHI” has been Googled over the previous 90 days.

FAQs

How many SushiSwap are there?

On January 8, 2024, there were a little over 232.6 million SUSHI in circulation out of a total supply of 250.2 million.

Will SushiSwap reach $10?

It might, but not for a while. PricePrediction.net and DigitalCoinPrice both think it can hit $10 by 2031 while CaptainAltCoin says SUSHI will get to double figures by 2040.

SushiSwap has not traded at $10 for nearly two years.

What is SushiSwap used for?

SUSHI supports the SushiSwap decentralized exchange. People can also buy, sell, and trade it on exchanges.

Further reading

Stacks Price Prediction 2024: What is STX?

Kaspa Price Prediction 2024: What is KAS?

Helium Price Prediction 2024: What is HNT?

Disclaimer 

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability, and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto user should research multiple viewpoints and be familiar with all local regulations before committing to an investment.

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