SushiSwap (SUSHI) prices crept higher on Sept. 16 following another day of gains for decentralized exchange (DEX) tokens.
The SUSHI/USD exchange rate rose by 7.54%, or $1.14, to reach $16.31 for the first time since May 21. The pair's upside move pushed its 24-hour adjusted timeframe profits up to 23%, making SUSHI the best-performing DEX token in the given period.
For instance, UNI, the token representing the leading DEX Uniswap by market cap, jumped 6.23% against the U.S. dollar in the previous 24 hours. Meanwhile, PancakeSwap (CAKE) rose 2.5%, THORChain (RUNE) climbed circa 13%, and Curve (CRV) inched higher by over 4.5%.
Why is SushiSwap leading the DEX pack?
Decentralized finance sector analyst Kris Kay noted that SushiSwap, as a DEX platform, has lately branched out to more blockchains than its peers. As a result, it has been generating more fees for its users, thus raising the prospect of holding SUSHI tokens.
Specifically, the latest bout of buying in SUSHI markets came a day after SushiSwap announced its deployment on Arbitrum, a layer-2 scaling solution for Ethereum-powered decentralized applications or DApps.
With super fast transaction speeds, you never have to sit and wait for tx confirmation again at https://t.co/aoFOsbikeu.— SushiChef (@SushiSwap) September 15, 2021
Just try switching your network to Arbitrum today!
$30M TVL and counting... pic.twitter.com/qgmybXWhjt
It also revealed that stakers had locked $30 million worth of SUSHI tokens into Arbitrum's smart contracts.
Kay noted that SushiSwap's efforts to scale its DEX solutions across multiple layer-1 and layer-2 chains also cater to its ecosystem's growth. For instance, the platform has launched many new services in recent months, including DeFi liquidity provider Onsen and lending/borrowing dapp Kashi.
On Sept. 2, SushiSwap also unveiled its upcoming non-fungible token (NFT) marketplace, dubbed Shoyu. The sales volumes for blockchain-verified unique digital collectibles grew from $13.7 million in the first half of 2020 to $2.5 billion in the first half of 2021.
SUSHI price outlook
As a result, SUSHI has beaten its DEX rivals in terms of interim returns. Its profits in the previous seven days sit over 45% compared to UNI's 16.93%. Nonetheless, SUSHI lags in year-to-date (YTD) gains, jumping more than 370% compared to UNI's 474% gains.
Meanwhile, PancakeSwap's CAKE has led the top DEX pack after delivering more than 3,330% YTD returns.
"SushiSwap is currently the 5th highest earning protocol," Kay tweeted, hinting that the DEX has a likelihood of growing higher in the coming sessions.
"SushiSwap started out as a decentralized exchange, but it’s evolving to so much more," he said.
"A suite of DeFi products, all generating revenue for the community treasury, and of course SUSHI holders."
4/— Kris Kay | DeFi Donut (@thekriskay) September 14, 2021
Sushi Swap is currently the 5th highest earning protocol
While majority of fee-revenue goes to Sushi treasury, $SUSHI holders still control this. $SUSHI stakers also receive 0.05% of all fee-revenue. pic.twitter.com/cu4GMiVGU2
On the technical charting front, SUSHI has fallen behind in the recent altcoin market boom. But the SushiSwap token's climb in the recent sessions has had it break above $15, a key psychological resistance level, now acting as support.
Scott Melker, an independent market analyst, noted that there are thin resistance lines ahead, meaning that SUSHI could head higher to form a new all-time high. The previous SUSHI/USD peak sits at $24.69. Melker added:
"Those lines at the top are the target, although we know that if they flip to support, we will have price discovery for new highs."
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