Hello there, I'm on alts too so this is my view on
SUSHIBTC
. Enjoy!
This coin was listed just two weeks ago and looks like it has already been through hell! Let's rewind some fundamentals first!
Uniswap works by replacing order books of traditional exchanges, with pools of tokens paired with ETH, which guarantee a swap can always happen. Liquidity providers are incentivized with trading fees, and there is no native governance token. SushiSwap was announced on August 26 as an "evolution of Uniswap" which added "community-oriented features" to further benefit the actors involved - namely, a token. But SushiSwap’s main innovation was in its plan to not only indirectly compete with Uniswap by providing additional incentives, but to directly suck its liquidity through its aptly named scheme "Vampire Mining".
10% of SUSHI tokens minted are allocated to developers building the protocol - by now just Chef Nomi. Nomi had said: "I don’t sell any token". By September 5, the dev fund, which was solely controlled by him, was holding about $14M worth of SUSHI - and he traded it all for ETH. On Uniswap no less. There are no secrets in open blockchains. Traders quickly realized the move and SUSHI price tanked by more than 70% in one day to $1.2 after Nomi’s defection. He nonetheless jumped out of the project.
A week after handing off the project, Nomi then returned all $14 million back to the SushiSwap treasury. "To everyone. I fucked up. And I am sorry." twitted Chef Nomi.
DeFi are now facing a new wave up thanks to Bella, which is now the leading project by data, market cap and investors. This is bullish fundamental, of course, for SUSHI too. Other than that, price action is moving inside a bullish flag which will eventually be broken out. At last, a bullish Gartley pattern is forming and last level we're approaching is .786 Fibonacci. The buyback will be strong and aggressive, so I suggest you should start accumulating from now. Immediate targets will be around 2k - 2.2k - 3k. If you're a fundamental holder, then consider 4k+ as a target.
Hope you liked this altcoin analysis, see you on next prediction!
Trade safe and be aware of scammers. Anlvis
SUSHIBTC
. Enjoy! This coin was listed just two weeks ago and looks like it has already been through hell! Let's rewind some fundamentals first!
Uniswap works by replacing order books of traditional exchanges, with pools of tokens paired with ETH, which guarantee a swap can always happen. Liquidity providers are incentivized with trading fees, and there is no native governance token. SushiSwap was announced on August 26 as an "evolution of Uniswap" which added "community-oriented features" to further benefit the actors involved - namely, a token. But SushiSwap’s main innovation was in its plan to not only indirectly compete with Uniswap by providing additional incentives, but to directly suck its liquidity through its aptly named scheme "Vampire Mining".
10% of SUSHI tokens minted are allocated to developers building the protocol - by now just Chef Nomi. Nomi had said: "I don’t sell any token". By September 5, the dev fund, which was solely controlled by him, was holding about $14M worth of SUSHI - and he traded it all for ETH. On Uniswap no less. There are no secrets in open blockchains. Traders quickly realized the move and SUSHI price tanked by more than 70% in one day to $1.2 after Nomi’s defection. He nonetheless jumped out of the project.
A week after handing off the project, Nomi then returned all $14 million back to the SushiSwap treasury. "To everyone. I fucked up. And I am sorry." twitted Chef Nomi.
DeFi are now facing a new wave up thanks to Bella, which is now the leading project by data, market cap and investors. This is bullish fundamental, of course, for SUSHI too. Other than that, price action is moving inside a bullish flag which will eventually be broken out. At last, a bullish Gartley pattern is forming and last level we're approaching is .786 Fibonacci. The buyback will be strong and aggressive, so I suggest you should start accumulating from now. Immediate targets will be around 2k - 2.2k - 3k. If you're a fundamental holder, then consider 4k+ as a target.
Hope you liked this altcoin analysis, see you on next prediction!
Trade safe and be aware of scammers. Anlvis