The broader market has started to correct to find a more appropriate level to recover from. However, Axie Infinity (AXS) and SushiSwap (SUSHI) appear to be running a little too far below their +6% drawdowns at the time of writing.
DeFi Hotshots Shot
For AXS, the events that happened a few days ago (Ronin hack) make sense and explain its bearishness. However, it doesn’t work for SUSHI – the second largest DEX this week with volumes worth $269 million.
Anyway, this is just another addition to SUSHI’s already declining investor interest. For example, the monthly volumes traded on the chain are slightly above the previously seen figures.
This month’s forecast for volume is expected to exceed $4.4 billion, although SUSHI recorded only $3.65 billion in transactions last month. But there’s a chance this prediction will come true, as on-chain stats indicate the same.
Monthly Volume SushiSwap | Source: Dune – AMBCrypto
First of all, there has been a notable increase in the number of trades being executed on the DEX, easing the waning use of the platform.
And along with this increase in transactions came the increase in volume. Weekly numbers climbed the charts on the back of recent bullishness, with price action reviving positive sentiment in the market.
SushiSwap DEX weekly volume | Source: Dune – AMBCrypto
A minor concern going forward is the number of users on the DEX. Between January and April, new people joining the DEX haven’t registered any crazy growth for the most part. It’s worth noting that March outperformed February in that regard.
On the contrary, already in April, the number of new daily users fell to the lowest level in 4 months. In fact, the stat in question only had 470 users at the time of writing.
SushiSwap average daily new users | Source: Dune – AMBCrypto
Investors, on the other hand, have grown steadily. Going forward, SUSHI may be looking at some consolidation as the market may need to cool down after the RSI approaches the overbought zone.
The altcoin still has a long way to go, especially since it hasn’t recouped all the losses so far.
SushiSwap price promotion | Source: TradingView – AMBCrypto
This post SUSHI got a rough deal in March, but April will be different
was published first on https://ambcrypto.com/sushi-got-a-raw-deal-in-march-but-will-april-be-any-different/
