Whale Unstakes 4.08M SUSHI: Will History Repeat Itself?

In the fast-paced world of cryptocurrencies, whale movements can cause ripples of speculation and volatility. One recent example is the unstaking of 4.08 million SUSHI tokens by a whale, which happened 6 hours ago, as reported by several blockchain explorers and market trackers. According to current market prices, the unstaked tokens are worth about $4.38 million, which is a significant amount even for a whale.

However, to understand the potential impact of this whale's action, we need to look at their history with SUSHI and other factors that may influence their decisions. According to available data, this whale received 3.78 million SUSHI tokens last year, which means they were an early participant in the SushiSwap ecosystem. At that time, the price of SUSHI was around $3, which means the whale received about $11.34 million worth of tokens.

Instead of selling or trading the tokens, the whale chose to stake them, which means they locked them in a smart contract and earned rewards for supporting the SushiSwap platform. This is a common practice in decentralized finance (DeFi) systems, as it incentivizes users to provide liquidity and governance for the platform's sustainability and growth.

The whale's staking activity continued until last month, when they received another batch of SUSHI tokens, which was worth about $41.58 million based on the peak price of SUSHI at that time (~$11). However, instead of holding or staking the tokens again, the whale chose to transfer them to Bitfinex, a centralized cryptocurrency exchange. Unfortunately for the whale, the price of SUSHI dropped significantly after the transfer, and they may have incurred a loss of about 45% if they sold the tokens at that time.

Now, with the recent unstaking of 4.08 million SUSHI tokens, the whale's next move is the subject of speculation among crypto enthusiasts and investors. Will they hold the tokens, stake them again, or transfer them to an exchange? If they choose the latter, will they suffer another loss, or will they wait for a better opportunity?

The answer to these questions is uncertain, as the whale's motivations and strategies are known only to them. However, some factors may influence their decisions, such as the current market sentiment, the development roadmap of SushiSwap, the competition from other DeFi protocols, and the overall trend of the cryptocurrency market.

For example, if the whale believes that SushiSwap has a strong future ahead and that the current dip in prices is temporary, they may hold or stake the tokens again. On the other hand, if they see a better opportunity in another DeFi platform or cryptocurrency, they may sell or swap the tokens for that asset. Similarly, if the overall trend of the crypto market is bearish or volatile, the whale may prefer to take profits or reduce risks by moving the tokens to a more stable asset or fiat currency.

In conclusion, the unstaking of 4.08 million SUSHI tokens by a whale is a significant event that may impact the price and perception of the token among investors and traders. However, it is also a reminder that cryptocurrencies are subject to the laws of supply and demand, as well as the decisions and strategies of their users. As always, caution and diligence are recommended when investing in cryptocurrencies, especially in volatile times.

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Decentralized finance (DeFi) protocol SushiSwap's exchange services were compromised early on Sunday, according to a tweet from the protocol's developers.

The 'RouterProcessor2' contract, which manages trade routing on the #SushiSwap exchange, is notably affected by the vulnerability.

On Sunday morning in Asia, security company PeckShield raised an alert that was later confirmed by #Sushi developers.

"It seems the SushiSwap RouterProcessor2 contact has an approve-related bug, which leads to the loss of >$3.3M loss."

The $3.3 million appears to have been contributed by a single individual, @0xsifu, a well-known trader in the Crypto Twitter community, according to several tweets from several security companies.

Developer of DefiLlama @0xngmi noted on Sunday that it appeared that the exploit only affected customers who have accepted Sushiswap contracts in the previous four days.

Although the organization was "working with security teams to mitigate the issue," SushiSwap chief developer Jared Grey encouraged users to remove permissions for all contracts on the platform as a precaution.

This news is republished from https://coinaquarium.io/

In terms of strength, the market cap appears to be going well.
Over the last day, Bitcoin has gotten above the $35,000 zone and appears to be doing a good job at staying there.
The crypto market appears green so far and here is what the market looks like today:

Save a few splotches of red here and there, the crypto market appears largely green, with Bitcoin and Ethereum having moved to the upside by more than 2% over the last day.
Naturally, this means that the bears have drawn the short straw in terms of liquidation. Coinglass confirms this, as illustrated below:

There have been $157 million worth of liquidations in the market over the last day, and the bears have a massive $101 million share of the total.
The bulls, on the other hand, have a liquidation share of about 56%. Bitcoin appears to be recovering at the end of the day. Let’s see what’s up with that.  

Price Rejection At $36,000?
Bitcoin went much higher than $35,000. According to the charts, the previous candlestick went as high as $35,984, before being rejected by the Bears.

Bitcoin’s price action appears strong enough from here, with a high enough standing above all of its major moving averages.
However, investors need to remember that the flagship cryptocurrency has to break fully above $36,000 to start and hold an impulse move, straight up to $40,000 or higher.  

Is Ethereum Out Of The Woods Yet?
The short answer to this is: No. Here’s why. According to the charts, Ethereum has been trading under a strong descending trendline since April this year.

While Ethereum’s impulse move may have catapulted it straight up above the $1,800 resistance to $1,875, the bears launched a price rejection almost immediately, and Ethereum is down below the trendline once again.
Ethereum’s bulls have done well so far. However, the cryptocurrency still needs a lot of momentum to pull off a strong breakout and rally.  

Time For $SUSHI ?
Sushi Swap token or $SUSHI was in the news over the last day. According to a tweet from LookOnChain, an anonymous buyer was allegedly manipulating the price of SUSHI through stablecoin $USDC and cryptocurrency, $DyDx.

According to Binance, SUSHI rallied by about 10% yesterday and is now up by about 46% over the last day today.
$SUSHI broke through the $0.8 resistance yesterday, explaining its 46% rally over the last day.

The cryptocurrency appears to have met resistance somewhere around $1.3 and is now showing some degree of a price rejection from the bears.  

Solana Surpasses Expectation
Solana is one of the most consistently bullish cryptocurrencies on the market. Over the last day, the cryptocurrency broke past the $39 high it broke below before the FTX crash and even went further to make another 12% rally to the upside around $46.90.

Judging by the length of yesterday’s candle wick, the cryptocurrency appeared to have been rejected strongly, somewhere around $46.90. However, today’s candlestick shows that the bulls have not run out of momentum yet.
Solana now appears to be aiming for a cover of yesterday's candlestick wick. This means that we may see Solana prices close to or even above $46.90 again soon.    

Should You Be Interested In $CELO?
According to Binance's rankings, CELO is the 5th largest gainer on the exchange. This is because of:

This week, the cryptocurrency broke above a descending trendline that has been active since April. This means that the bullishness on this cryptocurrency is bound to continue over the long term At the time of writing, the cryptocurrency trades at about $0.57. However, its price targets include $0.617, $0.68, and $0.75.

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Sushi/Usdt

#Sushi Coin is likely to come down a bit, it may come to around 1.086 and it may pump if the bitcoin market goes up.

#BTC #Binance #crypto2023 #SushiSwap