This American fund invests in SushiSwap, the price of the token explodes – BeinCrypto International

As the crypto market begins a slight rebound at the start of October, the price of SushiSwap has clearly exploded after GoldenTree revealed that it holds positions in the cryptocurrency.

A change of air to find the summits

SushiSwap (SUSHI) is one of the cryptocurrencies largely affected by the bear market context. The price of the exchange token is down more than 90% from its all-time high. As a result, the token lost its place within the top 100 of the market. Worst of all, the project has experienced terrible leadership shake-ups in recent months.

However, the election of Jared Gray at the head of the project seems to install a new climate of confidence. The latter promises to focus on the exchange’s liquidity issues and also try to improve the platform’s fee structure.

Prior to the recent election of the new CEO, SushiSwap users voted in August for the “Meiji Restoration” proposal which aims to usher in a new era for SuShi. The developers report that the Meiji DAO will be inspired by the model of MolochDAO, the most successful decentralized organization to date.

They also claim that: “Meiji’s DAO operates more on the basis of shares, which are non-transferable governance rights. Another big improvement to the Meiji DAO is that it’s fully on-chain (with options to deploy to the Ethereum mainnet or trusted layer 2), which means the Sushi protocol can run entirely permissionless. , without the approval of any organization”.

GoldenTree welcomes the revival of SushiSwap

GoldenTree Assets Management revealed on Wednesday that it fully supports SushiSwap despite the problems the platform has experienced in recent months. The US asset manager claims that the forked DEX has “incredible potential“. In its note of support for Sushiswap, the fund which has 60 billion assets under management stated:

“We think Sushi has incredible potential. While the community has certainly gone through tough challenges, we have been amazed at the resilience of the core team and the community in the face of these speed bumps, as you all have continued to build and release top-notch products. For GoldenTree, Sushi represents the best of DeFi, both in its origin and in its community. Sushi represents what DeFi is: to iterate and innovate, without artificial barriers to competition”.

GoldenTree’s support goes beyond mere words. Indeed, according to information collected on the Ethplorer site, the American fund has already placed $5.3 million in the SushiSwap token.

The news of GoldenTree’s support created excitement for SUSHI. The value of the token has already increased by 22.72% after the announcement. For the month of October, the cryptocurrency is already peaking up 25%. At the time of writing, the price of SushiSwap is trading for $1.35.

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This American fund invests in SushiSwap, the price of the token explodes – BeinCrypto International


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