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- The trading volume of DEX SushiSwap drops down in July.
- Due to the current crypto downtrend, SushiSwaps volume reached $1.5 billion in July.
One of the biggest decentralized exchanges (DEXs) in the ETH ecosystem, SushiSwap recorded a plunge in its volume in July. It is due to the decreased demand of some altcoins that are listed on DEXs.
SushiSwap Volume Analysis
SUSHI recorded its new low in July this year. The exchange recorded its volume of around $1.53 billion in July. As per the data analysis by Dune Analytics, SushiSwap volume was $1.8 billion in June.
The following statistics may seem greater as compared to competitive exchanges like ShibaSwap, 1inch Limit order Protocol, Ox Native, mStable.
Source: Monthly Volume of DEXs by Dune Analytics
By resting at the new low, Sushiswap noted its year-by-year drop in trading volume by around 72% from last year in July. In July 2021 the trading volume of SushiSwap was $5.65 billion. Furthermore, the latest metrics were at $8.36 billion below volume, from the yearly high of $9.89 billion in January.
Reason for SushiSwap Volume Drop
The current crypto market downfall trend, which increased in July, impacted negatively on SushiSwap. It is noted due to the exchange supporting low-cap digital assets leads to lower trading volumes.
Besides SushiSwap, the other record volume DEXs like Uniswap, DODO, Curve, Balancer, and Synthetix also dive to their new low.
On July 1, SushiSwap opened with a trading price of $0.96. Its monthly high reached $1.64 and noted its monthly low at $0.94. At the end of July, its price was $1.50. The difference between the opening and closing price of SUSHI noted around a 46% increase in July.
Source: SUSHI/USD Chart by CoinMarketCap
At present, SUSHI is performing at the price of $1.21 with a down of 0.22% in the last 24 hours.