As a native token in DEX, SUSHI is influenced in many ways by developments in the DeFi market. However, lately, the trend has been so bearish that despite rebounding 71% from its June lows, SUSHI is still far from making a profit for its investors.
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SUSHI was one of the few cryptocurrencies that did not hit a new all-time high (ATH) in May 2021. Instead, it reached its highest level in March 2021 and was in a downtrend after May.
In fact, since the aforementioned ATH, the cryptocurrency has fallen by more than 93.4% in a year and a half.
Although the cryptocurrency market is in the midst of a recovery period, SUSHI has not actually recovered the losses of its investors.
However, the situation is not the same in reverse, as the improvement in the DeFi interface has not had a significant impact on the altcoin.
Between June and August 7, SushiSwap as a DEX improved after a more than eight-month downtrend. The first instance was visible when looking at the average monthly users of DEX.
By November 2021, a total of 170,000 active users can be seen on the platform. The number had dropped to just 49,000 by the end of June.
In the last month, 7 thousand users have returned to the network. Interestingly, higher numbers are expected this month as more than 15,000 users were already registered in the first week of August.
However, along with their presence, it is important that their activity also increases, which is the main driving factor for growth. SushiSwap recorded a total volume of $1.8 billion in June, which fell slightly to $1.52 billion by last month.
Now, August is expected to record $1.3 billion in volume by the end of July – lower than July.
However, with more than $336 million in volume recorded over the past week, SushiSwap is close to surpassing Balancer. In doing so, it may claim its recent position as the fourth largest DEX in the market.
Hopefully, with changes like this, SUSHI will see some growth as well and recover some of its 93% losses.