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SushiSwap Surges 20%, but Suspicions of Price Manipulation Loom

SushiSwap (SUSHI) experiences a 20% price surge, resulting in liquidation of short positions. Suspicions of price manipulation arise due to unusual wallet activity.

Key Takeaways

  • SushiSwap (SUSHI) witnesses a remarkable 20% price surge.
  • Over $465,760 in short positions liquidated, outnumbering long positions.
  • SushiSwap currently trades at $0.75, facing resistance at $0.80.
  • Suspicions of price manipulation arise due to a significant wallet activity.

SUSHI Price Surge

SushiSwap (SUSHI) has set tongues wagging in the crypto market as it experiences an impressive 20% price surge. This surge has led to the liquidation of approximately $465,760 in short positions, which notably outnumbered long positions by threefold.

As of now, SushiSwap is trading at $0.75, although it’s encountering resistance at the $0.80 mark. Market indicators, such as the Relative Strength Index (RSI) and Awesome Oscillator (AO), suggest a potential for continued upward momentum. This momentum might even propel SushiSwap to surpass the $0.80 mark and reach a high of $0.90, according to analysts.

Massive Wallet

However, a cloud of suspicion hangs over this surge. Blockchain analytics firm Lookonchain has raised concerns about potential price manipulation linked to the activity of a new wallet. This wallet acquired more than 900,000 SUSHI tokens by using 640,000 USDC on decentralized exchanges. Subsequently, the USDC was deposited into the dYdX platform through multiple addresses, hinting at an intent to profit from a long SUSHI position.

Investors are urged to exercise caution when considering SushiSwap in light of these suspicions. The recent price surge, while exciting, must be weighed against the possibility of market manipulation influencing these trends.

To Conclude

The significant price surge in SushiSwap has undoubtedly caught the attention of traders and investors alike. However, the allegations of price manipulation are a cause for concern. As the crypto market continues to evolve, it’s crucial for investors to remain vigilant and conduct thorough research before making any investment decisions. While SushiSwap’s potential for growth is promising, it’s essential to be aware of the risks associated with suspicious trading activities that could impact the market dynamics.