- Long-term holders of the token have significantly shredded their holdings.
- The SUSHI protocol has seen a decline in growth, thereby putting the network’s health at risk.
Although associated with the DeFi movement, SushiSwap’s [SUSHI] recent escapades have reeked of adversity with the U.S. SEC knocking on its doors.
However, the troubles of the project did not begin with the regulatory Subpoena it received lately. Instead, holders of the token have been considering and acting upon their exit strategy since the last year.
How much are 1,10,100 SUSHIs worth today?
Dormancy comes alive
According to Santiment, the SUSHI 365-day dormant circulation had experienced several spikes amid the unfavorable market conditions of 2022 and since 2023 began. The metric describes the number of tokens that haven’t moved in one year being transferred on a particular day.
Notably, the dormant circulation increase has been more visible, in large numbers since 20 February. A similar occurrence happened on 3 March, and most recently— on 22 March. This series of increases implies that long-term holders may have lost faith in a SUSHI revival. Hence, the resolve to exit their positions.
Moreso, the protocols’ network growth had also been in shambles, laying flat at 48. The network growth illu
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Author: Victor Olanrewaju
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