SUSHI Token is on Fire! Exit Scam or Buy Opportunity?

Sushi token is going through one of the most interesting days in cryptocurrency history. The founder sold his entire assets. Is this an exit scam?

Chief Nomi, the mysterious founder of SushiSwap, shocked the public by announcing that he sold all SUSHI tokens. Nomi denied the allegations while many were debating whether this was an “exit scam”.

“Strange” 24 hours for SUSHI token

SushiSwap continues to shine as the latest decentralized finance protocol to thrive in the shadow of the DeFi craze happened this summer. The chef withdrew approximately 2.5 million SUSHI tokens from the decentralized exchange for 18,000 ETH. This amount corresponds to about 10 million dollars.

Sushi Token Weekly Price Chart
Sushi Token Weekly Price Chart | Source: CoinGecko

The move, recorded by Etherscan, came right after the creator of SushiSwap, a fork of the popular Uniswap exchange, faced criticism that it controlled almost half of the cryptocurrencies in the system.

After Chief Nomi withdrew his tokens, the price of a SUSHI fell more than half in the past 24 hours, from about $5 to $2,35.

Chief Nomi: “I am here and not going anywhere!”

“I care about society,” said Chief Nomi, tweeted yesterday morning. He announced that he had liquidated all of his SUSHI. In return, he stated that the only thing he got was “blame and FUDing”.

I wrote the migration code. I made all the controls. I coordinated the biggest LP pools ever. I built a large community. I created hundreds of LP projects. All in 1 week.

Sushi price is making a profit again after Chef Nomi handed over control of SushiSwap to FTX exchange CEO Sam Bankman-Fried. The value of the cryptocurrency has increased by 36 percent in the last 24 hours. The SUSHI price at the time of writing is $2,74.

To summarize, the founder of the protocol says this is not an exit scam. But the price has been hit hard by the recent event. It is also thought that this may have even initiated the butterfly effect that will bring the DeFi industry to an end. Because investors began to fear that this could happen for all DeFi protocols.

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Disclaimer: The information in the content is not an investment advice. Author and coinalways.com are not responsible for your profit or loss. Every investment involves risks and requires knowledge.

Coin Journo
The young talent, who works in various media organizations and reticulate the industry, has carried his experience to the crypto. Co-founder @ Coin Always.

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