by Rushali 
Cryptocurrency has become a point of discussion among people. Be it big industrialists or common people all are discussing the recent growth in cryptocurrencies. After 2017, cryptocurrencies didn’t see any big bull run. Then last year the pandemic has changed everything. It finally opened the eyes of the people that our normal currency is not that safe what we believed. And now people are moving towards investing their money in anything else.
Cryptocurrency has proved to be one of the best investment options in the past few years. Now, many countries are also making their economy digital and adopting cryptocurrencies. Many big companies like Goldman Sachs, Blackrock, Visa, etc have invested their money in bitcoins. Elon Musk’s support for bitcoin and cryptocurrency is a well-known affair. With all these developments many new investors are also turning towards the world of crypto. But then another issue arrives that due to the demerits in normal currency people and companies are moving towards cryptocurrencies, there are many demerits in crypto currencies as well and scientists have developed up-gradation in that as well.
That up-gradation is in the form of thinking conceptualizing, strategizing, etc. If you can not update yourself then you can’t stand in this changing world. People didn’t know much about these developments, so today I will try to share some knowledge about these developments.
This article will focus on one of that development which is in form of a new cryptocurrency called SushiSwap.
Let’s start with the basics.
What is a SushiSwap?
SushiSwap is a decentralized exchange based on ethereum. It allows the buy and sell of virtual assets and just like other exchanges, it also eliminates all intermediaries. SushiSwap works like Uniswap and needs liquidity to work properly. That liquidity is directly provided by the liquidity providers. It is decentralized finance (Defi) platform.
SushiSwap also has its own cryptocurrency called Sushi. And as a Defi platform, it allows its users to trade in a safe way with no supervision all the decisions regarding the exchange are taken by its currency holders that mean sushi holders.
The basic objective of this exchange is to make it easier for users to trade assets and it works almost the same as crypto exchanges. But as a DeFi platform, it acts as an escape from centralized entities that are necessary for the functioning of traditional exchanges. Therefore, the funds of the users of SushiSwap are protected by smart contracts, and traders have direct access to them.
SushiSwap was created in the year 2020 itself. Its creators are anonymous persons and introduced themselves as Chef Nomi and OxMaki. On 26 August 2020, Chef Nomi has shared the project SushiSwap on a social media platform and requested people to join it. And OxMaki was the first one to join. And then after many discussions with the original creator, OxMaki was declared as the co-founder of the project.
There are two main advantages of SushiSwap which are different from any other coin and that are it has more liquidity than any other exchanges and it provides full privacy to its users.
Also Read : VeChain price prediction
Historical price movements of SushiSwap
Just after its launch, SushiSwap has become a great success with $1.27 billion investors by September 7. Then suddenly SushiSwap’s creator Nomi has sold all his sushis worth $14 million and the prices dropped by 50%. All the investors panicked and said that it was a scam just made to earn profits. Then to control the situation the creator has handed over the project to Sam Bankman-Fried who was the director of FTX. But there were many negative comments on the creator Nomi. On November 11, Nomi has apologized to all the users of SushiSwap and returned all the funds taken by him from the project. Today, he is not associated with the project.
Future Prediction
SushiSwap’s current price is $18.51. By looking at the charts of SushiSwap we can clearly say that there is a major bull run coming in the short-run. Many experts believe that the price of the coin will reach $30 in the next 5-6 years. The advantages and features promise a great future ahead for the exchange.
- Price prediction for the year 2021
Recent pivotal developments have given a positive push for SushiSwap, but the future holds a lot more potential than today. We can predict that the price will reach $15 by the end of the year.
- Price prediction for the year 2022
This year it may see a correction and the price can reach $5 at the starting of the year but it will be a short-term correction. Prices will again rise in the long-run.
- Price prediction for the year 2023
This year again SushiSwap will see a price rise. And it will trade between $10-$15 in the whole year.
- Price prediction for the year 2024-2025
As I said above that expert believes that the price of SusiSwap will reach $30 by 2025. So, the bull run will be continued in these years as well.
At last, we can say that it is a very new platform in the market and still, showing so much potential. That proves that it will be a great investment option for the future.
Note – All these price predictions are from a personal point of view. You can surely have a different opinion. A difference of opinion is bound to happen. And this article doesn’t guarantee any price movement. You should always invest at your own risk and we don’t take any responsibility for any kind of profit or loss and don’t give any kind of investment tips.
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