SushiSwap restructuring rumours attributed to major token gains
- SUSHI has gained by more than 50% over the past week.
- The uptrend comes amidst the rumoured restructuring of the platform.
- One of these proposals is the appointment of Daniele Sestagalli as the head strategist.
For the most part of the week, most of the market has failed to register any major gains. However, this has not been the case with SushiSwap (SUSHI/USD), which in the past week stands as a leading gainer in the decentralized finance (DeFi) market and the entire crypto space at large.
SUSHI has gained by more than 56% in just one week, making it a top market gainer. While the token has slightly slumped from these levels, it still has potential for major gains because of the rumours of restructuring the DeFi platform.
SUSHI maintaining the uptrend
SUSHI has been on a steady uptrend that started towards the end of the month. The token has registered its gains despite the recession across the broader market. As such, it continues to attract attention from buyers that are looking for a token with price action.
If SUSHI can hold on to these gains, the next crucial target will be $10. This level could easily be achieved if the uptrend does not reach exhaustion. The major level that this token has broken out of during the past 24 hours was $9.63, and with another uptrend, it could reach these levels again.
On the downside, the crypto market is currently experiencing a high level of volatility. As such, there is still the possibility of a downtrend. If the price dips are exhausted, this token could drop towards the lower support level at $9.
SUSHI’s rumoured restructuring
One of the main factors that have been attributed to SUSHI’s gains is rumours that the project could be restructuring. Daniele Sestagalli is believed to be joining SUSHI. Sestagalli is one of the reputable names in the DeFi sector. He is accredited to some of the leading DeFi projects, including Wonderland Monet, Popsicle Finance and Abracadabra.Money.
Recently, Alex Woodard from Arca introduced a Sushi governance proposal stating that Sestagalli should join SUSHI as the Head Visionary and Strategist. While some aspects of the proposal have sparked debate in the community, some believe that the addition of Sestagalli on the team has shared a popular opinion.
The gains by SUSHI further soared after Sestagalli issued an announcement on Twitter stating that he wanted to build a “DEX owned by Frogs by Frogs.” At around this time, the SUSHI token made notable gains. As one of the leading DeFi projects, the restructuring of SUSHI could pose major benefits for the platform.