As per reports by Lookonchain, the SushiSwap team has deposited 3.75 million SUSHI tokens into Binance. They were collectively worth $2.18 million at the time of transfer and were originally received from SushiSwap Operating Multisig as of May 16, 2024. SushiSwap has not disclosed or cited a specific reason for the transfer. However, the token has made significant gains in the last 24 hours.
SUSHI is up by 5.44% and hovering around the token value of $0.5816 at press time. The market cap is also up, while the trading volume has dipped by 13.49%.
The development comes days after the decentralized exchange platform went live on Bitcoin sidechain Rootstock. It brings a combination of security and smart contract capabilities. SushiSwap has every possible plan to capitalize on those specialties.
SUSHI is predicted to reach the value of $0.756 in the next 5 days and $1.901 in the next 30 days. The monthly surge would translate to a growth of 226.49% from the current value. Overall sentiments are neutral, and the FGI shows 48 points amid the volatility of 10.20%.
Two crucial technical indicators show the prevailing downtrend. These are 50-day and 200-day SMAs with a value of $0.7248 and $1.157, respectively, applicable in the same order. SUSHI could pick up momentum in the coming days, given the fact that the overall trend in the crypto market is undergoing a reversal. There was a crash with leading tokens, causing significant declines in their values. However, that ship has sailed, and the table has turned with a rebound, regardless of the pace.
Having said that, one of the reasons for transferring SUSHI to Binance could be the idea of selling a portion of it. The token is marking upticks, and investors likely want to take home some profit before volatility acts again and reflects a bearish sentiment. That would keep funds locked up to avoid losses. Long-term investors have little to worry about, as the token is poised to make gains eventually.
SushiSwap previously incorporated Sushi Labs to replace DAO. This dates back to early June 2024 and is related to the transition to a new governance system. It would now be a new council structure for the ecosystem.
Circling back to SushiSwap transferring tokens to Binance, SUSHI tokens have surged notably in a single day and could jump a little higher. They would effectively be riding the ongoing bull run. TON has already profited from the publicity surrounding its platform listing. Richard Teng, the Chief Executive Officer of the platform, recently recorded new inflows to Binance at $2.2 billion, the highest in this year.
SushiSwap’s plans remain unclear, leading the cryptocurrency market to conjecture about the potential transfer of additional tokens, the sale of these transferred tokens, and the quantity of such sales.
