Why Did SushiSwap (SUSHI) Coin Price Nearly Double?

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Sushiswap (SUSHI coin), one of the decentralized finance (DeFi) tokens, has almost doubled in value in the last 24 hours. So what’s behind this increase in the SUSHI coin price?

Sushiswap (SUSHI coin) dropped as low as $ 1.20 in the morning hours today. However, the SUSHI price has almost doubled in the past few hours, reaching as high as $ 2.60. Listed by exchanges such as Binance and FTX, SUSHI has increased its popularity a lot with these news. The current graphic of SUSHI, which is a two-week project, also attracted a lot of attention.

Great Reaction Yesterday

The SushiSwap project, which was separated from Uniswap via hard fork, was founded by an anonymous named Chef Nomi. Nomi made a statement yesterday on his social media account and announced that he sold $ 13 million worth of SUSHI coins. This decision by Nomi was not welcomed by the cryptocurrency community.

The fact that Chef Nomi sold such a large amount of SUSHI drew reaction from many people. SushiSwap Managing Director 0xMaki said that what Nomi was doing gave the impression of an “exit scam” and criticized him for doing such a transaction. Sam Bankman-Fried, the CEO of the cryptocurrency exchange called FTX, was among the names critical of Nomi.

What’s the Cause of the Ascension?

Chef Nomi made a radical decision after such names reacted to him. Nomi shared a post on his Twitter account to announce his departure from the SushiSwap project and handed over the management of the project to Bankman-Fried.

Stating that he transferred the control of SushiSwap to Bankman-Fried, Nomi also stated that he apologized to the SUSHI community. His statement was appreciated by names like BitMEX CEO Arthur Hayes, while Sam Bankman-Fried thanked Nomi for making such a decision. Bankman-Fried gave the message that SushiSwap will now follow a fairer management model.

After all this, the price of the SUSHI coin increased from $ 1.20 to $ 2.60, thus almost doubling its price.


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