SushiSwap (SUSHI) has jumped almost 6% to $4.28 in the last 24 hours. Its capitalization grew on the night of Wednesday, February 16, to $544.772 million.
Large investors, often referred to as whales, have been acquiring SUSHI tokens since mid-December last year.
Wallets holding between 100,000 and 10M coins purchased a total of 9.63 million SUSHI in two months. The whales took advantage of the winter fall in the crypto market and increased their holdings in SushiSwap by about 9%, the Santiment team said in a report.
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The SUSHI token is an asset of the SushiSwap decentralized exchange based on several blockchains. Up to $4.76 billion worth of digital assets is locked in this DeFi protocol (data from DeFiLlama).
According to analysts, the SushiSwap platform token will soon be among the top-performing altcoins. It will add value if the decentralized finance market starts to grow at a more robust pace.
The trend to increase the capitalization of this ecosystem has already formed. Not only is the number of users of DeFi applications growing, but also the value of funds locked in this market ($208.98 billion).