On October 11, according to on-chain data, the giant whale address (starting with 0xafc0) that accumulated SUSHI recently cleared 1.22 million SUSHI as the coin’s price plummeted.
The average purchase price of this address is $2.61 per SUSHI, and its damage is estimated to exceed $1.5 million.
According to CoinMarketCap, SUSHI is currently quoted at $1.23, down 10.8% in 24 hours.
As was updated in an earlier Coincu News article, one of the reasons for its drop was influenced by rumors of a “crypto fraud” by the new CEO of SushiSwap, Jared Gray. Besides, he was also accused of having sexually assaulted a horse.
Investor confidence in the protocol has increased over the past few months, with SUSHI down 90% from its year-to-date high of $13 in March of this year. Global asset management company GoldenTree has revealed a $5.3 million stake in the token in the decentralized exchange (DEX) SushiSwap. Following the announcement excited investors with a 13% increase in the token.
However, the negative news this time continues to drag this token down sharply once again.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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