Crypto analytics platform Santiment shared its latest insights on SushiSwap (SUSHI). The report shows that long-term SUSHI holders are closing their positions in SUSHI. Also, according to the report, Goldentree recently disposed of more than 5.9 million altcoin holdings.
Long-term holders exit altcoin positions
Analytics platform Santiment shared its latest analysis via a tweet. The report reflects the latest situation regarding SushiSwap (SUSHI) after the decentralized exchange was recently presented with a subpoena by the Securities and Exchange Commission (SEC). According to the report, things are not looking good for the decentralized platform as SUSHI’s TVL has dropped 93% since the collapse of FTX in mid-November last year. Also, the report states that SUSHI’s TVL is currently around $581.47 million.
Dappradar data shows that SUSHI’s use of the protocol has been challenged over the past year. The report analyzed the number of uniquely active wallets (UAW) interacting with dapp’s smart contracts or performing a transaction. This analysis shows that the average number of UAWs has remained relatively low, with a small increase over the past few months.
The report also highlights the number of SUSHI tokens that have been idle for at least 365 days. According to Santiment, long-term holders are exiting their positions in SUSHI. According to the report, the total amount of SUSHI tokens that have been dormant for at least 365 days has dropped sharply in the last 24 hours. It should be noted that this has historically been followed by sharp declines in the price of SUSHI. Since the supply of SUSHI on the exchanges coincides with the observation made on the number of idle tokens for at least 365 days, this decline thesis is supported by the number of idle tokens sent to the exchanges.
Whales lose their appetite for SUSHI
Although the protocol was very successful, the whales began to emerge from their positions in SUSHI. As per Lookonchain, wealth management giant GoldenTree staked approximately $2.68 million worth of SUSHI on March 23. Other whales took back $4.38 million worth of tokens.
If these addresses decide to sell their unstacked SUSHI, they will do so at a loss. A sale of this scale is likely to push the price of SUSHI further down. Meanwhile, data from Lookonchain shows that the Goldentree fund has recently disposed of 5,954,024 SUSHIs on Binance via Cumberland. Network growth, as well as SUSHI prices, have dropped over the past few days. This shows that the new addresses are not that interested in the token.
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