Sushi Crashed More Than 50% As Sushiswap Developer Sold His Tokens

Sushi crashed more than 50% recently as the lead developer behind the popular Sushiswap protocol has sold his tokens and therefore the price crashed leaving many investors worried so let’s find out more in the latest altcoin news today.

The week was great for Sushiswap’s leading developer but not for the token holders. Chef Nomi, the character behind the project sold all of his tokens and cashed out. The “head chef” sold millions of tokens over the weekend. After what many saw a rug pull, SUSHI crashed more than 50%. The move caused a lot of strong reactions in the community especially from the critics and analysts that are rushing to call the Chef Nomi move an exit-scam especially because the project got listed on Binance and gained greater exposure among traders and yield farmers.

How the fuck @binance list this trash? $SUSHI owner dumps the project to zero and claims his Charlie Lee-esque.

Cool $13M exit scam. No wonder the market is nuking. https://t.co/XFRhBWfM3b

— LL CAPO DI TUTTI I CAPI (@LLLuckyL) September 5, 2020

Chef Nomi responded to the criticism using the Charlie Lee card. He said that he sold his stash to stop worrying about the price and to keep on working on the code. He mentioned Lee in his tweet with the decision to sell the LTC tokens before the dump. Sushiswap was created from a Uniswap fork and the token swap protocol is built on Ethereum. Uniswap awards the tokens to participants for providing liquidity in specific pools. SUSHI also enables investors to deposit their LP tokens into the smart contract and start earning Sushi Tokens.

I did the recent move because I care about the community. I'm taking IL for you. But all I received was blaming and FUDing.

Here's what happened. The devshare part of me. I converted them to $ETH. I stop caring about price and I will focus on the technicality of the migration.

— Chef Nomi #SushiSwap (@NomiChef) September 5, 2020

In just a few days, the protocol became one of the most popular DeFi topics in the space among both yield farmers and those that want to participate in the latest Defi trend even if it is only to follow it. however, taking into consideration that even the team behind Sushi said this Is one of the most hyper-inflated tokens in its first two weeks period, it doesn’t come as a surprise that from a financial point of view, they want to detach from the project and have less skin in the game. The mission of the developer is now to write and to improve upon the code.

$180 million SUSHI tokens from Uniswap were migrated to SushiSwap and the migration was approved by the community. About 87% of the votes were in favor of the migration and there is a close to $180 million SUSHI tokens worth of liquidity in the ETH/SUSHI pair on Uniswap. The total value of the SUSHI token grew from zero to $1.4 billion in a few days and this will place the recently launched Defi project right behind Uniswap, shoulder to shoulder with Aave and Maker.