This DeFi token ranks only 138Th among cryptocurrencies according to total market capitalization, is starting to make some real loud noise in the crypto space this ‘Uptober.’
Even though the market continues to struggle to recover from its dismal September performance, SUSHI – the native token of SushiSwap – is making impressive leaps over the past couple of days.
Data from CoinGeckoSUSHI currently trades at $1.33 with a 3.5% increase over the previous 24 hours.
The price has risen by 20% in seven days. Its performance over the past thirty days was equally remarkable, with an impressive 15.5% value increase.
SUSHI has attracted a great deal of interest from investors, even though it remains in the lowest ranks among cryptocurrencies because of its market capital of $255 millions.
SUSHI Sounds Delectable To GoldenTree
Asset management powerhouse GoldenTree recently announced it has invested $5.3 million to SUSHI – a move that was instrumental for the governance token’s recent bullish rally.
The SushiSwap Forum was held on Wednesday. It was revealed that the company has been closely following digital assets for some time and is more excited about the rollout of the crypto-focused GoldenChain Asset Management Arm.
GoldenTree went on to say that the crypto asset has incredible potential and that it “represents the best of DeFi, both in origin and in community.”
The $50 billion privately owned asset manager has full trust in SUSHI as it iterates and innovates “without artificial barriers to completion.”
DeFi Token No Longer Just A Clone
Since it was a copy from Uniswap and a digital token SUSHI didn’t have much respect among crypto enthusiasts.
The token tried to surpass the assets it was based by implementing liquidity mining and governance features but ended up being less than its counterparts.
The $5.3 million investment by GoldenTree speaks volumes about the amount of interest that the digital currency commands.
The multi-billion dollar company did not dismiss the challenges that plagued SUSHI in the past but at the same time said they are amazed by the resiliency of the core team and the asset’s community of supporters.
GoldenTree was impressed by the high-quality products SushiSwap had created and published, which led to them making a game-changing investment.
Featured image from Japan Centre, Chart: TradingView.com| Featured image from Japan Centre, Chart: TradingView.com