Crypto of the Day: SushiSwap (SUSHI)

Crypto of the Day: SushiSwap (SUSHI)

The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

Despite the recent plummet in the cryptocurrency markets, SushiSwap is up over 7% in the past 24 hours. This token, built on Ethereum’s blockchain, is part of the revolutionary decentralized finance (DeFi) industry. DeFi aims to replace the need for financial institutions through code on the blockchain. Learn more about SushiSwap and how to buy it today.

What is SushiSwap?

SushiSwap is a leading decentralized exchange on Ethereum’s network. Decentralized exchanges are an alternative way to trade cryptocurrencies, and their usage is growing fast. Trades are executed through smart contracts: code on the blockchain that replaces 3rd parties. In this case, DEXs like SushiSwap aim to replace exchanges like Coinbase, Robinhood and Kraken.

Technically, SushiSwap is a fork (copy of code) from Uniswap. However, SUSHI has implemented dividends to token holders as well as a suite of other features Uniswap has yet to develop.

See also: Uniswap vs Sushiswap

SushiSwap token (SUSHI) Up 7.3% in 24 Hours

In the last 24 hours, SushiSwap is up over 7%. This is especially impressive considering that the rest of the crypto market has seen strong downward movement. This being said, SUSHI isn’t bulletproof from crashing alongside major cryptos like Bitcoin and Ethereum.

SushiSwap is down over 50% from its all time highs of over $20. Altcoins are generally more volatile than Bitcoin. During bull markets they may provide higher returns than Bitcoin, but in bear markets they’re likely to depreciate faster than Bitcoin.

If you believe that the cryptocurrency market has yet to see its peak, then this dip may be a great time to accumulate altcoins like SUSHI.

Why is SUSHI Moving?

It’s hard to pinpoint exactly why a cryptocurrency changes in price. My guess, however, is that SushiSwap has done better than other cryptos due to its revenue-generating abilities. When traders use SushiSwap to trade crypto, a portion of their fees are paid as dividends to token holders.

This way, tokens like SushiSwap still have the potential to accrue value during a bear market.

Where to Buy SUSHI

Aside from using a cryptocurrency wallet to interact with a decentralized exchange, you can buy SUSHI on several reputable exchanges. Coinbase supports SushiSwap tokens, and you can even convert other altcoins into SUSHI for free if you so desire. Binance also supports SushiSwap, and you can even trade SUSHI against Bitcoin to track your return compared to Bitcoin. If neither of these exchanges work for you, Crypto.com also supports SushiSwap on its website and mobile app.

Exchange Best For Overall Rating Start Investing
Coinbase New Traders 4 Stars Get Started
Binance Range of Coins 5 Stars Get Started
Crypto.com Passive Investors 4 Stars Get Started

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice. 

Posted In: CryptocurrencyMarkets

Visit Benzinga's Crypto Homepage - 1,000,000+ depend on Benzinga Crypto every month