Hot dogs and pizza have risen in price more than 1000 times let alone sushi! But no need to panic and rush to the nearest store to replenish your buckwheat supplies. No-no, it’s not about the second wave of coronavirus pandemic, just some changes on the cryptocurrency market. So breathe a sigh of relief and read today’s news.
On Wednesday (September 2), a new token with the delicious name Hotdog was released on De-Fi market — the initial asset value was only $5, but its price rose to $6200 per day! However, the next day, the currency almost depreciated. A similar story happened to the delicious coin named Pizza, which also soared up from $1 to $1100, and then quickly dropped down.
Meanwhile, SushiSwap platform literally blew up the market, ensuring the rise of SUSHI token by 330% in just 72 hours! The developers copied the code of the largest cryptocurrency exchange, Uniswap, while offering an increased reward in SUSHI tokens to lure investors and increase liquidity. Moreover, the platform allows stacking with a fee of 0.05%, which is about half a percent lower than the competitors’ commission. This was enough to attract more than billion dollars in investments in a day. It seems that fast food is not trendy anymore, and the advocates of a balanced diet took the upper hand.
Basically, such roller-coaster dynamics are not new to the De-Fi sphere. The reason is that players artificially inflate the price of a new coin, and then sell it to users who are ready to take a risk and invest in a ‘wild card’.
And those who are looking for stability will be pleased with the news about Justin Sun and his famous TRX. Despite the overall decline of the cryptomarket, TRON was the only asset among the top-15 that strengthened. Justin seems to have managed to deduce the secret formula for success and understand how to attract users. The reason for the conin’s rally was a project implemented as part of one of the DeFi initiatives — the developers released a new token called SUN.
Anyone can participate in SUN mining by placing TRX in a liquidity pool. From September 2 to 16, TRON will be blocked in smart contracts, and on September 16, when the farming of SUN is completed, players will receive back the blocked funds along with the accrued new tokens. By the way, Sun is not going to stop there. He says that the list of currencies for farming will be expanded, and investors will be rewarded with SUN for BTT, JST and WIN liquidity freezing.