The price of SUSHI, the native token of the popular DeFi platform SushiSwap, has pumped over 50% recently and more than 10% in the last 24 hours. However, some analysts are questioning whether the rally is driven by organic buying demand or potential price manipulation.
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SUSHI Surges Over 50%
As noted by crypto analyst Karan Singh Arora, the price of SUSHI spiked over 51% in a short period of time. This sudden vertical rally left many in the crypto community wondering what was behind the pump.
A crypto analyst, ZAYK Charts, tries to explain the reason behind the price rise, pointing to a breakout from the falling hedge triangle a few days ago. Amidst this, on-chain metric points to manipulation, which could have been the reason behind the price rise
On-Chain Sleuths Flag Suspicious Activity
According to Arora, blockchain analytics firm Lookonchain had flagged some suspicious on-chain activity related to SUSHI prior to the pump.
Lookonchain found a new entity had accumulated a large SUSHI position on DEXs. The wallets then began transferring USDC to derivatives exchange dYdX across multiple newly created wallets.
Analysts Suspect Price Manipulation
The suspicious on-chain footprint detected before the rally has led some analysts like Arora to suspect foul play.
“It’s possible someone is trying to manipulate the price of $SUSHI,” said Arora, referring to Lookonchain’s analysis.
While unconfirmed, the unusual activity has raised speculation that the SUSHI pump may have been driven by price manipulation rather than natural buying demand.
Read also:
- https://captainaltcoin.com/these-are-the-two-tokens-that-experts-predict-will-go-10x-by-the-end-of-the-year/
- https://captainaltcoin.com/why-is-kaspas-new-upgrade-huge-for-kas-holders/
- https://captainaltcoin.com/crypto-veteran-clears-the-air-on-solana-vs-ethereum-debate/
Conclusion
In summary, SUSHI saw a 50%+ price spike, but the catalyst for the rally is unclear. Unusual transfers flagged by on-chain analysts have fueled manipulation theories. More transparency could help confirm or dispel concerns about the SUSHI pump.
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