Due to declining interest in altcoins listed on DEXs, SushiSwap’s trading volume fell sharply in July.
In July, SushiSwap’s trading volume fell to a new low, making it one of the toughest months in the history of the platform.
According to data from Dune Analytics, the DEX saw a volume of around $1.53 billion in July.
Although this figure may seem high compared to the volume recorded by competing exchanges such as the 1inch limit order protocol, ShibaSwap, Ox Native or even mStable, it represents a decrease of 17% compared to June when the volume of SushiSwap’s exchange was worth $1.8 billion.
With this new low, SushiSwap’s trading volume is down 72% from July 2021 when it reached $5.65 billion.
More importantly, this figure is also $8.36 billion lower than the yearly high of $9.89 billion recorded in January.
What are the causes of this drop in volume?
The bearish market trends that extended through July had a negative impact on SushiSwap. Indeed, the platform hosts small capitalization digital assets, which have seen a sharp drop in their trading volumes.
Apart from SushiSwap, other larger DEXs like Uniswap, DODO, Curve, Balancer, and Synthetix, also fell to new lows.
Evolution of the SUSHI crypto price
SUSHI started July with a price of $0.9878. Later in the month, it hit a high of $1.66 before falling to a low of $0.946. On July 31, the token was trading at $1.45.
This means that despite the drop in volume, the price of the SUSHI crypto rose by 46% between July 1 and July 31.
All information on our website is published in good faith and for general information purposes only. Any action taken by the reader based on information found on our website is entirely at their own risk.