The Ethereum-based decentralized finance coin SUSHI has surged over 15% in the past 24 hours after a brutal retracement from highs above $10.00.
Chart of SUSHI's price action over the past day and a half from TradingView.com
The coin, which is the native governance token of the SushiSwap exchange, now trades at $2.76 as of this article’s writing.
Here’s why the coin is up over 15% in the past 24 hours in spite of a recent “exit scam” by a company co-founder. Many thought that the so-called “exit scam” would mark the end of the project as he was the lead maintainer of the protocol and was the public face of the project.
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Ethereum DeFi Coin Sushi Just Surged 15%: Here’s Why
After reaching an all-time high of over $10 over the weekend, SUSHI faced a strong correction after a co-founder of SushiSwap “Chef Nomi” sold coins from the developer fund and pulled liquidity from the SUSHI/ETH trading pair.
Chef Nomi argues that this was not an exit scam, as he proceeded to hand over the keys of the project to FTX’s CEO, who has since distributed the control of the project to a decentralized group.
Whatever the case, the Ethereum-based SUSHI has surged 15% in the past 24 hours.
The coin is rallying because SushiSwap, which is actually