#SushiSwap (SUSHI) price has been pumping hard with a pronounced green candlestick, outperforming most players in the cryptocurrency arena. However, there are suspicions of market manipulation as a new wallet is buying SUSHI on decentralized exchanges and depositing Circle $USDC stablecoin to perpetual exchanges such as #dydx through multiple new addresses, with a possible intention to long SUSHI.
The wallet spent 640,000 USDC to buy 900,514 SUSHI tokens at $0.71 per token, and Lookonchain, a blockchain analytics firm, has flagged some suspicious on-chain activity related to #sushi prior to the pump. The wallet may be making profits by raising the price of SUSHI and going long SUSHI
It is important to note that the suspicions of market manipulation are not confirmed, and the surge in SUSHI price could be genuine. At the time of writing, #SUSHISWAP price is $0.75, after a rejection from the $0.80 psychological level. However, there is still upside potential with the Relative Strength Index (RSI) showing momentum is still rising despite SUSHI being overbought.
