SushiSwap’s native token, SUSHI, is in the midst of undergoing a massive surge higher. The coin is up 35% in the past 24 hours according to top data sources in the space such as CoinGecko.
This performance makes it the best performing digital asset of the past 24 hours, strongly outperforming Bitcoin and Ethereum. BTC and ETH are actually down in the past 24 hours after a slight correction as a result of an overextended futures market.
Yesterday, the futures markets for Bitcoin, Ethereum, and other top cryptocurrencies were clearly at overleveraged levels.
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SUSHI has not faced those same issues as the coin faces some large short-side pressure for some reason.
SUSHI Surges 35%
Sushi is up 35% in the past 24 hours after news broke that the cryptocurrency’s team is going to be merged with the team of Yearn.finance (YFI) to realize key synergies.
Andre Cronje, the founder of YFI, announced on November 30th on the move:
“As Sushi focused on expanding their AMM ecosystem, and as Yearn focused on expanding their strategies, more and more overlap became apparent, Yearn needed custom AMM experiences for their strategies, and Sushi started pushing the boundaries of yield and money markets. With these overlaps, more and more work started to become mutualistic, and at this point, it makes to take the relationship to the next level.”
Yearn’s acquisitions are meant to be symbiotic, where all parties involved in the move benefit from the merger, including SUSHI.
This rally also comes as SushiSwap is expected to roll out a number of products that will allow it to differentiate itself from other automated market makers in the Ethereum DeFi space.
SUSHI’s strong surge from last week’s lows comes as the total DeFi space has undergone a resurgence after a strong drop in September and November.
The total locked value in the DeFi space has hit $14 billion according to DeFi Pulse, which is a new all-time high.