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Why the idea of SushiSwap flipping Uniswap is a leap too far… for now

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In light of debates such as Ethereum flipping Bitcoin, Ethereum killers taking over ETH etc., the comparison between SushiSwap and Uniswap comes as no surprise.

When talking about a platform like SushiSwap flipping Uniswap, however, the conversations and comparisons need to be more nuanced. Why? Well, because the former is a clone of the latter. But, does SushiSwap have any chance of overtaking Uniswap and becoming DeFi’s most powerful DEX platform? 

SushiSwap’s competitive advantages

SushiSwap was initially started off to incentivize Uniswap volumes to migrate to a new platform. However, soon after its launch towards the end of August, SushiSwap had taken around 37% of Uniswap’s daily volume, according to a report.

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Further, SushiSwap’s steady growth helped the network reclaim more than one-third of Uniswap’s volume while surpassing its previous all-time high TVL. 

The total supply of SUSHI tokens has been capped at 250 million tokens with new token emissions decreasing monthly. New SUSHI tokens are emitted through incentivized liquidity pools. 

SushiSwap has seen a lot of innovation since the late 2020s with the introduction of Onsen. It is a rotating menu of incentivized liquidity pools governed by the community towards the end of 2020. This was followed by BentoBox, an integrated token vault, Kashi, a margin trading system, and Miso, a token launch platform.

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What’s more, SUSHI’s integration with Yearn finance gives SushiSwap a reliable source of revenue as SushiSwap would be the default exchange system for all other Yearn-related apps. 

Uniswap’s market domination

Nonetheless, Uniswap has clearly dominated the market, with its total value locked beating SushiSwap’s significantly.

Additionally, Uniswap V3’s launch on Optimism is a new step towards scaling, with Optimism’s marquee partnership expected to find its way to an alpha release. It will be fascinating to see where they try to direct liquidity and volume after the aforementioned takes place and what effect the same has on SushiSwap.  

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Thus, while Uniswap is still way ahead of SushiSwap, the latter has become one of the most popular Ethereum-based DEXes. SushiSwap has also significantly differentiated itself from Uniswap by offering functionalities like incentivized pools, margin trading, and yield generation.

While SushiSwap may have begun as a clone of Uniswap, its ecosystem has developed differently over the last few months. As for flippening UNI though, that doesn’t seem to be happening anytime soon. 

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SushiSwap’s Shoyu Showcase Campaign Goes Live: Taps Metaverse Capabilities

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Less than half a year after the initial proposal, SushiSwap has announced the launch of an NFT and metaverse platform.

SushiSwap, the popular decentralized exchange that saw the light of day last year, will enter the non-fungible token and metaverse spaces. It will do so by releasing a platform aiming to combine the best from both worlds and the initial v0 campaign will go on for ten weeks.

Shoyu Comes to Life

The press release shared with CryptoPotato informed that the name of the new initiative is Shoyu and the official launch date is November 3rd. This comes just five months after the initial proposition was posted on the SushiSwap forums.

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Following a selection period from Shoyu’s curation team that lasted weeks, a number of artists will have the chance to submit their digital artwork in the new NFT platform. Some of the popular names that will be involved in minting digital artwork will include Robert Gallardo, INJURY, Nicolas Sassoon, Thom Mayne, and Keyon Christ.

The team promised that Shoyu will have full compatibility with the entire Sushi ecosystem. Thus, it should become “one of the first artistic marketplaces that marries the art world with the technological innovation of decentralized finance.”

More Than Just The Next NFT Platform

Following the spectacular growth of the NFT industry since the start of 2021, leading to countless new platforms striving to take market shares, SushiSwap has decided to take a bold step by combining non-fungible tokens and the skyrocketing in popularity metaverse field.

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Less than half a year after the initial proposal, SushiSwap has announced the launch of an NFT and metaverse platform.

SushiSwap, the popular decentralized exchange that saw the light of day last year, will enter the non-fungible token and metaverse spaces. It will do so by releasing a platform aiming to combine the best from both worlds and the initial v0 campaign will go on for ten weeks.

Shoyu Comes to Life

The press release shared with CryptoPotato informed that the name of the new initiative is Shoyu and the official launch date is November 3rd. This comes just five months after the initial proposition was posted on the SushiSwap forums.

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Following a selection period from Shoyu’s curation team that lasted weeks, a number of artists will have the chance to submit their digital artwork in the new NFT platform. Some of the popular names that will be involved in minting digital artwork will include Robert Gallardo, INJURY, Nicolas Sassoon, Thom Mayne, and Keyon Christ.

The team promised that Shoyu will have full compatibility with the entire Sushi ecosystem. Thus, it should become “one of the first artistic marketplaces that marries the art world with the technological innovation of decentralized finance.”

More Than Just The Next NFT Platform

Following the spectacular growth of the NFT industry since the start of 2021, leading to countless new platforms striving to take market shares, SushiSwap has decided to take a bold step by combining non-fungible tokens and the skyrocketing in popularity metaverse field.

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Sushiswap Price Analysis: SUSHI/USD eyes $14 mark

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  • Sushiswap price analysis is bullish today.
  • SUSHI/USD above $12 overnight.
  • SUSHI/USD is currently trading at $12.6.

Sushiswap is presently in a bull market, although values dropped by roughly 20%. SUSHI/USD is currently upswing, following a considerably steeper high yesterday and a modest overnight retracement. Today’s price movement should be positive for both buyers and sellers. With today’s $14 level as the first resistance

The price of SUSHI/USD rose to an overnight high of $13.53 before falling back to the $12 level where it is currently trading, after a 30% decrease in value over 24 hours. Do not be fooled by the bullish sentiment and think it will be plain sailing from here on out; there was a 30% drop in price overnight, and those values are likely to retrace.

The price of SUSHI/USD, which was last seen at $13.53 overnight, has since dropped back to around the $12 mark where it is presently trading. There was a 30% drop in value in 24 hours, so be careful not to get carried away by the bullish sentiment.

SUSH/USD has already achieved a 20% price rise in just two days, surpassing the downtrend resistance line on Tuesday. The currency has had two significant increases of more than 20 percent before falling back to the $10 level.

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SUSHI/USD 4-hour chart: SUSHI is currently under heavy selling pressure

On the four-hour chart, we can see that the price of Sushiswap has fallen this morning as profit-taking occurs below the $13 high.

Sushiswap Price Analysis: SUSHI/USD eyes $14 mark 1
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap spent several weeks in a consolidation pattern. Resistance was established at $12, with the $11 mark as a centerline. After more gains were rebuffed, lower lows indicated bearish momentum was building.

On the other side, SUSHI/USD rose to a stunning high on November 1, resulting in a significant boost across the prior day. The highs for Sushiswap were about $13, and it declined somewhat as bulls are likely readying for another push-up.

As a result, the market has resumed its bull run. If our current swing low of $12.3 is maintained, we may anticipate further gains later today. The possible SUSHI/USD target is $14, which was previously a significant reversal point.

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On the four-hour chart, we can see that the price of Sushiswap has fallen this morning as profit-taking occurs below the $13 high.

Sushiswap spent several weeks in a consolidation pattern. Resistance was established at $12, with the $11 mark as a centerline. After more gains were rebuffed, lower lows indicated bearish momentum was building.

Sushiswap Price Analysis: Conclusion 

The Sushiswap market is currently bullish, with a large increase last night followed by a retreat overnight. SUSHI/USD will likely be ready to continue rising soon, with a peak of $12.3 predicted.

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Sushiswap Price Analysis: SUSHI breaks out of consolidation, peaks at $13

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  • Sushiswap price analysis is bullish today.
  • SUSHI/USD broke out of $12 resistance.
  • Bullish momentum peaked at $13.

Sushiswap price analysis is bullish today as a strong higher high was set yesterday, followed by a slight retracement overnight. Therefore, we could see SUSHI/USD push higher later today, with the $14 mark as the next major target.

Sushiswap Price Analysis: SUSHI breaks out of consolidation, peaks at $13 1
Cryptocurrency heat map. Source: Coin360

The overall market saw mostly bullish momentum over the last 24 hours. Bitcoin rallied 1.08 percent, while Ethereum was 1.88 percent. Meanwhile, Decentraland (MANA) is the top performer, with a gain of over 18 percent.

Sushiswap price movement in the last 24 hours: Sushiswap sets strong higher high at $13

SUSHI/USD traded in a range of $11.62 – $13.10, indicating strong volatility over the last 24 hours. Trading volume also saw a strong increase of 106 percent, totaling $719 million. The total market cap traded at $1.58 billion, ranking the coin in 82nd place overall.

SUSHI/USD 4-hour chart: SUSHI is currently under heavy selling pressure

On the 4-hour chart, we can see the Sushiswap price moving lower this morning as profit-taking is taking place below the $13 high. 

Sushiswap Price Analysis: SUSHI breaks out of consolidation, peaks at $13
SUSHI/USD 4-hour chart. Source: TradingView

Sushiswap price action saw a several-week consolidation. Resistance was established around $12, with the $11 mark acting as a centerline. Slightly lower lows were set over the end of October, indicating bearish momentum forming after more upside was rejected.

However, SUSHI/USD set a clear higher high on the 1st of November, leading to a sharp rally over the past 24 hours. Sushiswap peaked around $13 and has since seen a slight retracement as bulls likely prepare for another push higher.

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Therefore, we have seen bullish momentum return in the market. If the current swing low around $12.3 holds, we can expect further upside later today. The likely target for SUSHI/USD is located at the $14 mark, as it previously served as a strong reversal point.

Sushiswap Price Analysis: Conclusion 

Sushiswap price analysis is bullish today as we saw a strong advance yesterday, followed by a retracement overnight. Likely, SUSHI/USD will soon be ready to push further, with a higher low set around $12.3.

While waiting for Sushiswap to move further, read our guides on LTC wallets, Gero wallets, and DeFi wallets.

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