Why Is SUSHI Pumping? This SushiSwap On-chain Metric Points to Manipulation

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.

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.

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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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Temitope Olatunji
Temitope Olatunji

Temitope is a seasoned writer with over four years of experience. He specializes in Web3 and FinTech topics and enjoys creating content in these areas. He holds both a bachelor's and master's degree in Linguistics. When not writing, he trades forex and plays video games.