SUSHI tumbles amid whales unstaking tokens
A whale unstaked 4.08 million SUSHI, the native token of the decentralized exchange SushiSwap, according to a tweet published by Lookonchain, which has seen the price of the token tumble according to CoinMarketCap data.
As stated in the tweet, this whale had already been given 3.78 million SUSHI the year before and bet the whole money when the price of the alternative cryptocurrency was about $3.
The message continued by stating that the cryptocurrency was priced at close to $11 when this whale had previously received SUSHI. After that, this whale sent the newly purchased SUSHI to Bitfinex for about $6.
A SUSHI sell-off
In a second tweet sent out this morning, Lookonchain revealed that GoldenTree, who Binance and FTX had previously awarded 5,900,329 SUSHI in September and October 2022, had recently unstaked the entire amount of 5,900,329 SUSHI, in addition to the SUSHI earned from the staking, which amounted to approximately 53,695 SUSHI.
Recently, GoldenTree sent 5,954,024 SUSHI to Binance by way of Cumberland. Lookonchain informed GoldenTree that he would take a financial hit if he tried to sell this SUSHI at the prices that are now available on the market. According to the tweet, GoldenTree has been given the 5,900,329 SUSHI at an average price of $1.24.
The SUSHI market
The token, trading at $1.08 as of the time of writing, had recorded a 6% decrease in price valuation within 24 hours. Despite the decline, the asset saw a 35% price increase in 24 hours, attributed to the amount of whale activity being witnessed.
In addition, SUSHI has declined 4.6% versus bitcoin (BTC) and 4.3% against ethereum (ETH), the two cryptocurrencies now dominating the market. As a direct consequence, the price of SUSHI at the time of this publication is $1.07.
The increase in interest rates that the Fed announced the previous day is one of the primary contributing elements that has led to a fall in the price of SUSHI during the last 24 hours.