SushiSwap’s Token Rapidly Crashed 50% To $1.10 Amid Crypto Crash

Sushiswap’s token rapidly crashed by 50% to $1.10 during the crypto market-wide crash as we can see in the latest altcoin news.

SUSHI capitulated from around $2.30 at a pre-crash level to $1.10 in a strong declining move that shocked investors. Many didn’t expect the leading DeFi asset to fall so fast but it did anyway.
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It seems that most of the losses came as a result of futures liquidations on an illiquid market. The data below shows that in the span of few hours once the ETH-based coin dropped from the $2.30 region to $1.10 on some exchanges where more than $8.5 million worth of SUSHI futures positions were liquidated.

Million of trades also took place which indicates that there was a strong shorting activity which is evidenced by the negative funding rate. There are some rumors that one crypto fund or another bigger trader was forced into liquidation because of XRP’s drop which resulted in selling the holdings. SUSHI’s strong move lower was one of the strong corrections that were seen on the market today while the biggest loser on the market is still XRP which is down to $0.28 from the $0.50 level which marks a drop of 50%. XRP is falling on the news that Ripple Labs got sued by the US Securities and Exchange Commission for selling unregistered securities. Many think that this marks an end for XRP as market makers, exchanges and funds started avoiding the asset as they don’t want to deal with the regulatory implications.

Another strong drop happened in Chainlink by 30% to $8 as XRP and ETH were sold off. The move could have been perpetuated by the on-chain liquidations which were mounted on platforms like Aave. Even ETH was not spared as well since it dipped from $590 to $550 as the selling pressure mounted across the board. ETH did have a nice rebound back but the bearish effects mounted on the market. The drop came in the face of the strong fundamentals of Sushiswap.

Sushiswap’s token rapidly crashed but despite that, the developers are going to release the BentoBox lending solution that will be a new decentralized application that will provide the traders with a new margin long or short crypto assets option especially in the long run.