SushiSwap, Amino lead today’s altcoins rally: here’s why they are going up

November 02, 2023 12:44 AM PDT | By Invezz
Follow us on Google News:

Altcoins like SushiSwap (SUSHI) and Amino (AMO) are leading the cryptocurrency rally today, with significant price hikes.

Let’s delve into the factors driving their recent price movements and what’s behind the excitement.

SushiSwap rises 48.45%

SushiSwap (SUSHI) has experienced an impressive 48.45% price surge in the last 24 hours. This surge has ignited discussions in the crypto community, with some speculating the possibility of market manipulation.

SushiSwap price chart

One intriguing aspect is the emergence of a fresh wallet Lookonchain claimed on X (formerly Twitter) that it was actively acquiring SUSHI through decentralized exchanges (DEX) and depositing USDC into perpetual exchanges, including dYdX, through a multitude of addresses.

This strategic manoeuvre has caught the attention of industry experts, with the web3 blockchain analytics tool Lookonchain suggesting the potential for manipulation. The wallet’s intention is under scrutiny, but it’s suspected that it seeks to accumulate SUSHI for financial gains—a characteristic move of experienced participants in the crypto space.

The wallet’s investment of 640,000 USDC to acquire 900,514 SUSHI tokens at a price of $0.71 has played a role in driving SUSHI’s price to its current level of $1.17. With the circulating supply at 231,673,426 SUSHI, this activity has contributed to an impressive market capitalization of $271,254,650.

Amino’s Uniswap listing

Amino (AMO) is also in the spotlight due to its recent listing on Uniswap. Launched just four hours ago, it has already achieved a 24-hour trading volume exceeding $9.8 million and a market capitalization exceeding $20 million.

However, it’s important to note that the price of Amino has exhibited significant volatility, with fluctuations between $0.0017 and $0.002278 over the past week.

Amino (AMO) price chart

High Ethereum (ETH) gas fees may have influenced Amino’s launch price. These fees can increase the expenses associated with creating liquidity pools and executing smart contracts. Consequently, the initial token price may be set higher to cover these costs. This, in turn, may impact the accessibility and demand for the token, influencing price fluctuations.

The listing on Uniswap, a popular decentralized exchange, provides accessibility to Amino and the ability to trade it. However, participants should be aware of the potential risks associated with newly listed tokens, especially those exhibiting high price volatility.

In the dynamic world of cryptocurrency, both SushiSwap and Amino are capturing the spotlight for their unique developments and price movements. Traders and investors should, however, exercise caution, conduct thorough research, and closely monitor these market dynamics.

The post SushiSwap, Amino lead today’s altcoins rally: here’s why they are going up appeared first on Invezz


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media LLC (Kalkine Media, we or us) and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures/music displayed/used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source (public domain/CC0 status) to where it was found and indicated it, as necessary.



Top Listed Companies