SushiSwap (SUSHI), the native token of the Uniswap fork, dropped below $ 1 for the first time since it was listed on Binance. The food-inspired DeFi token is at $ 15.97, its all-time high reached on September 1; it is now down almost 94 percent.
Overnight Success Story
Shortly after SushiSwap launched in late August,
cryptocurrency due to events caused by its mysterious creator Chef Nomi
it caused turmoil in the industry.
Only a week after its launch, Sushiswap was trying to strengthen its community by taking power from Uniswap, funded by VC.
As we previously reported, the anonymously named Chef Nomi, the developer of Sushiswap’s SUSHI token, had withdrawn most of the SUSHI tokens and transferred them to Ethereum. Upon the incident, the favorite token dropped by over 75% in one day on September 5th.
SUSHI brought FTX CEO Sam Bankman-Fred to control the protocol the next day.
it felt relief after passing, and recovery followed. The protocol is due to the successful vampire mining attack on Uniswap the following week; With a locked total value (TVL) of $ 1.4 billion, it is the largest DEX.
Still, the token was not quite close to its previous highs. Anonymous developer Chef Nomi’s regret caused a 50 percent rally on September 11, but the rally was not sustainable. Uniswap then regained attention with the surprise airdrop of UNI token on September 17th.