SUSHI coin price prediction: Is SUSHI coin a good investment?
Sushi coin is attracting a lot of attention, but how will it perform in future?
Sushi coin and its associated exchange, SushiSwap, have been a subject of much interest lately. It’s been on quite a journey. This is what might happen next.
But before we get into talking about analysts’ sushi coin price predictions for 2021 and beyond, let’s just take a brief look at what sushi coin is and what it does.
What is sushi?
Sushi coin is the native token of the SushiSwap decentralised exchange (DEX). SushiSwap was set up in 2020 by an anonymous individual, or possibly a group of individuals, who went by the name Chef Nomi.
In order to fund the exchange, users tie up their assets into smart contracts (special computer programs designed to enforce legal conditions) to create liquidity pools. Traders then swap their tokens and coins in and out of the liquidity pool, meaning they can buy and sell on the DEX.
If a pool does not exist, users can create one and set their rates of exchange, although this can be corrected further down the line. If you trade against an asset that is locked in, then you have to pay a fee which is distributed across all contributors to the liquidity pool, based on how much the individual contributor has put in.
Having sushi coin allows you to have your say on decisions related to the governance of SushiSwap itself. You can vote on proposals that are designed to help improve the way the exchange and its ecosystem work.
Anyone can make a proposal to be voted on, but there is one important caveat. While anyone who holds sushi coin can vote, the votes are merely advisory, rather than binding. This means people elected by coin holders have to approve the decisions made by the electorate.
That should explain sushi coin, but before we do that, let’s take a look at the token’s history. It is worth mentioning right now that past performance is no indicator of future results, but it is useful to have some idea of how the crypto has responded to certain events.
SUSHI/USD price history
|Oct 27, 2021||11.5217||0.2867||2.55%||11.2350||11.5424||11.1629|
|Oct 26, 2021||11.2262||0.5925||5.57%||10.6337||12.0118||10.6079|
|Oct 25, 2021||10.6337||0.2334||2.24%||10.4003||10.6415||10.3539|
|Oct 24, 2021||10.3993||-0.4540||-4.18%||10.8533||11.0054||10.1018|
|Oct 23, 2021||10.8523||0.2879||2.73%||10.5644||10.9086||10.3914|
|Oct 22, 2021||10.5644||-0.1919||-1.78%||10.7563||11.2301||10.4427|
|Oct 21, 2021||10.7574||-0.6366||-5.59%||11.3940||11.5692||10.6542|
|Oct 20, 2021||11.3951||0.8099||7.65%||10.5852||11.4644||10.3439|
|Oct 19, 2021||10.5852||-0.0811||-0.76%||10.6663||10.9026||10.3337|
|Oct 18, 2021||10.6673||-0.3323||-3.02%||10.9996||11.1992||10.5632|
|Oct 17, 2021||10.9986||-0.2530||-2.25%||11.2516||11.6441||10.6496|
|Oct 16, 2021||11.2545||0.3075||2.81%||10.9470||11.7302||10.7543|
|Oct 15, 2021||10.9480||0.3221||3.03%||10.6259||11.1921||10.2234|
|Oct 14, 2021||10.6219||0.4904||4.84%||10.1315||10.7010||9.9753|
|Oct 13, 2021||10.1364||0.2116||2.13%||9.9248||10.5882||9.6322|
|Oct 12, 2021||9.9248||-0.2739||-2.69%||10.1987||10.2136||9.5391|
|Oct 11, 2021||10.1988||0.0713||0.70%||10.1275||10.7129||9.8634|
|Oct 10, 2021||10.1285||-0.6853||-6.34%||10.8138||11.0038||10.0623|
|Oct 9, 2021||10.8168||0.2038||1.92%||10.6130||10.8455||10.4371|
|Oct 8, 2021||10.6091||-0.0455||-0.43%||10.6546||11.3706||10.5281|
When sushi coin hit the markets at the end of August 2020, it was a highly volatile currency. On 28 August, it opened at $3.40, went up nearly 53% to reach a high of $5.20, dropped more than 75% to a low of $1.26 before going back up more than double to close at $2.55. The next day, it reached a low of $0.6966, a drop of 86% from the previous intraday high. Then on 1 September, there was an intraday high of $11.93, a rise of more than 1,600% from the low of just three days before.
Even if we account for it being a new currency where people are never entirely sure how to react, this looked like a coin that could go anywhere and do anything.
There were black clouds on the horizon, however.
On 5 September, Chef Nomi sold around $14m worth of their sushi tokens and things went down rapidly. It seemed like every sushi coin price prediction was torn up and hastily rewritten, because the coin’s value plummeted. It started the day at $4.59 and went up to $5.02, but, when the news broke, it dropped more than 72% to $1.38. There was a small recovery and sushi closed the day at $1.95 but the damage was done.
Things had to change with SushiSwap. Chef Nomi brought in Sam Bankman-Fried, the founder of the FTX decentralised exchange, to run the DEX. Bankman-Fried had been very critical of what might have been considered a rug pull, telling his Twitter followers that “Chef Nomi sucks”, but his past record meant he was chosen as a suitable leader. The price of sushi continued spiralling down. It fell below $2 on 15 September and went below $1 on 4 October. The fall was not over, and sushi’s all-time low came on 4 November when it bottomed out at $0.4727.
The coin recovered and when it closed 14 November at $1.06, the worst was over, with only an intraday low of 0.9789 on 26 November to serve as a point where sushi was below the dollar mark. It broke through the $2 mark on 2 December and spent much of the next few weeks hovering around that mark.
Things changed in 2021 when sushi got caught up in the cryptoboom that characterised the first few months of the year. It started January at $2.86, already a pretty encouraging comeback from the lows of less than two months before, and closed the month at $10.16, a rise of more than 250%.
February saw the trajectory rise and the month’s end price of $15.03 was highly respectable, but March’s final price of $14.87 may have disappointed some. However, that was not the entire story, because its intraday high of $23.28 was an all-time high. April saw another overall drop and when it closed out the month at $14.36, some people may have thought that stability was going to be sushi’s new watchword. May, however, was the month where investors went on a real rollercoaster ride. The great crypto day crash of 19 May saw sushi reach an intraday high of $21.95 before it fell down to $10.38, more than halving in the space of hours. The losses were not over, though, because on June 11, sushi dropped below $10, seemingly for good.
On 6 July, the news that SushiSwap was going to update its protocols meant it reached an intraday high of $9.3888. However, the sushi coin price soon dropped back down and, on 20 July, it fell to an intraday low of below $6.
Luckily for investors, SushiSwap’s 20 July announcement of its own in-house automated market maker (AMM), called Trident, saw a renewed interest in the coin and by 23 July it was trading around the $8 mark.
In the next two months, the sushi coin price gradually rose further and reached a peak of $15.95 on 16 September. However, it fell to $8.55 on 26 September, and on the afternoon of 8 October 2021, the sushi coin price was trading at roughly $11.11.
What of the future? Let us look at what the analysts are saying about the sushi coin price prediction.
A sushi coin price prediction from WalletInvestor believes the token will be worth $20.67 in one year’s time and around $60.60 in five year’s time. Meanwhile, a sushi coin prediction from DigitalCoinPrice expects the price to reach $18.31 by the end of this year and hit $21.71 in October 2022. It then thinks the price will hit $26.64 in October 2023 and it suggests it will drop to $23.43 a year from that. The sushi price will have recovered by October 2025, when it will be worth $28.17 before there’s an overall bull run and the value hits $41.08 a year after that. The sushi coin price should be around $34.54 in October 2027 before it booms to $52.39 in October 2028.
Finally, gov.capital predicts the coin should be somewhere around $17.69 at the end of 2021 and $51.40 on 8 October 2022. A year from that, it predicts a figure of $113.77, while on 8 October 2024 it says sushi coin will be worth $194.89. It will go up to about $296.03 on 8 October 2025 and a year after that it should get to $420.85 12 months from then.
It might be but, on the other hand, it might not. A lot of the answer to this question depends on whether or not you think that sushi and, by extension the crypto market as a whole, can recover from recent crashes, and how soon it can do that. Regardless, you should always do your own research. Remember, cryptocurrencies are often very volatile, that prices can go down as well as up and that you should never invest more than you can afford to lose.
Again, it might. Although the sushi coin predictions are bullish, it is worth noting that predictions can often be wrong. For instance, not many, if any, analysts would have predicted the recent market crashes. So be careful.