SushiSwap: price dump for the crypto, but the DEX gains in monthly volumes

The crypto of the SushiSwap DEX, SUSHI, has seen a -35% dump in its price over the past seven days. 

In contrast, the DEX has gained in monthly trading volume, especially at a time of SEC charges against centralized crypto-exchanges. 

Sushiswap (SUSHI) and the crypto’s -35% price dump in the past seven days

The price of Sushiswap (SUSHI) seems to be following the general bearish trend of some crypto assets, such as BNB, ADA, SOL, and MATIC. 

And indeed, SUSHI has recorded a -35% dump in its price in the past seven days, dropping from $0.84 to the current $0.55. 

Obviously, the SEC’s latest indictments against centralized crypto-exchanges like Binance and Coinbase has affected the entire crypto market a bit, but while SUSHI is dropping in price, it does seem to be registering increases in monthly volume on the DEX. 

Along with the other major DEXs by trading volume (such as Uniswap, PancakeSwap, Curve Finance, and 0x), SushiSwap saw an overall increase of 444% in monthly volume. 

In practice, total monthly DEX volume reportedly reached $173.5 billion in May, which is exactly 444% more than the $31.9 billion in April. 

This is the highest monthly volume ever recorded for DEXs, surpassing the previous peak of $63.6 billion in January.

SushiSwap: a comparison with other decentralized crypto-exchanges (DEXs)

According to DefiLama‘s data, at the time of writing, the SushiSwap DEX is the one with the smallest difference in daily trading volumes. 

Basically, while Uniswap recorded a decrease in volume in the last 24 hours of -71% and PancakeSwap of -47%, it is -32% for SushiSwap. 

But if we talk about TVL, the situation is totally different as Uniswap holds the record. 

While Uniswap’s TVL exceeds $3.88 billion, PancakeSwap’s TVL is half that, which is $1.5 billion, and SushiSwap’s TVL has one zero less, and is thus $350.28 million. 

In fact, in the DEX volume ranking of DuneAnalytics, SushiSwap is in eighth position. 

In any case, broadly speaking the DEX continues to gain ground with a total volume of $1.24 billion in the last 24 hours.

Rivalry with Uniswap

SushiSwap was launched in August 2020 precisely as a direct competitor to Uniswap, although it has unfortunately failed in its mission to surpass it in terms of performance.

Indeed, while in the beginning SushiSwap managed to outperform Uniswap’s TVL for a few days, over time it then lost a lot of ground both to its rival and also to PancakeSwap. 

One thing that both Uniswap and SushiSwap have in common is the success of their versions on Arbitrum, one of the main layer-2s for Ethereum. 

Nevertheless, UNI has also seen a price dump in the past 7 days, albeit only by -18%.