This Lesser Known DeFi Token Shots Up Ahead Of Big Announcement News
With increasing adoption of Decentralized finance (DeFi), it appears to be set for becoming the future of finance. In this context, several DeFi coins and tokens are attracting huge traction. Some of the DeFi token have increased rapidly in value in the recent times, especially with positive news. Investment flow from big players like venture capitalist firms is providing credibility to these projects.
Investment News Leads To DeFi Token Rise
There was increased price movement in the past few days in SushiSwap (SUSHI) value. However, it was only on Thursday that there was an official announcement of a $5.30 million investment in the project. According to Santiment Insights, there was an interesting spike in on chain activity for SUSHI two days ago. However, there was no much noise in the social media activity around the governance token. In the lead up to the investment by Golden Tree, there was a steady rise in SUSHI price. In its announcement about the investment, Golden Tree said Sushi represents the best of DeFi.
“We believe Sushi has incredible potential. To GoldenTree, Sushi represents the best of DeFi, both in origin and in community. Sushi is what DeFi is all about: iterating and innovating, without artificial barriers to competition.”
Activity Rise Ahead Of The Golden Tree Announcement
GoldenTree is a $50 billion privately owned asset manager that invests in corporate credit, distressed credit, credit structured products, and emerging markets. Recently, the asset manager launched its digital investment strategy. At one point before the news of the announcement came out, there was high trading volume and active addresses. But there was not much of talk about the price rise or anticipation of good news on social platforms.
Meanwhile, there was significant price rise in SUSHI when looked at the past 7 day chart with a growth of 20.65%. As of writing, Sushiswap (SUSHI) price stands at $1.33, up 3.29% in the last 24 hours, according to price tracking platform CoinMarketCap. The DeFi token is currently ranked 147 based on the total market capitalization of $169.53 million.
