One of the top decentralized exchanges in the cryptocurrency market, SushiSwap, suffered from the bear market that saw many digital assets crashing. Nevertheless, the latest Messari report indicated that SushiSwap could present some revenue and transaction growth.
The renowned cryptocurrency analytics company tweeted about the development on October 22. Messari’s data showed that SushiSwap recorded upticks on several fronts within the past week.
Moreover, the asset’s revenue increased by 61.52% over the past seven days. Also, Trading Volume and Liquidity Pool transactions soared.
Assessing No-So-Attractive Issues
Though SushiSwap witnessed impressive growth, it lagged in various domains. Dune Analytics graph shows SUSHI could not rival Uniswap in pool values. The past few months had Uniswap overtaking SushiSwap massively on this front.
SushiSwap saw almost matching negative and positive factors, but the asset’s total value stayed somewhat stable. Despite brief TVL declines within the last few months, SushiSwap has had its TVL flat over the past few weeks.
While publishing this blog, SUSHI’s total value locked hovered at $491.47 million. One thing affecting SushiSwap’s growth might be the dip in new users joining the network. Dune Analytics indicated that the new market players joining the platform per day maintained downtrends since September.
SushiSwap should present improvements on this front to increase success chances in the future. Also, SUSHI had other bearish signals.
Bear Invites Impending
The last few days saw SushiSwap daily users plunging. Also, the asset recorded a swift drop in network growth, indicating that new wallets that transacted the alt for the first time dipped. That might confirm new market players’ faded interest in SushiSwap.
While publishing this content, SUSHI traded near $1.33, increasing by 2.22% within the past day, according to Coinmarketcap’s data. The token’s market capitalization also observed similar growths, whereas the volume declined by 20.40% within that timeframe.
The overall crypto space noted slight upside actions overnight. While publishing this content, the global cryptocurrency market capitalization hovered at $922.12 billion, gaining 0.27% over the past day. Also, Bitcoin noted a slight 0.05% to $19,178. Nevertheless, bears controlled the market.
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