Asset management giant GoldenTree announced on Wednesday that it has invested in a popular altcoin project. The organization stated that it is excited to be active in this field. Here are the details…
Altcoin investment of $5.2 million from GoldenTree
With $47 million under management, the company said it has invested approximately $5.2 million in SushiSwap management token SUSHI. The company stated that it “has been following Sushi for a while.” With the launch of the crypto-focused GoldenChain Asset Management arm, it has stepped in this area. So he said he was “excited about getting more active on things like SushiSwap.” cryptocoin.com As we reported, Sushi entered the market as a copy of Uniswap. Especially in terms of added liquidity mining and management. “SUSHI had incredible potential,” GoldenTree said in a forum post. The company also used the following statements:
While the community has certainly gone through some challenges, everyone has continued to create and launch world-class products. We were amazed at the resilience of both the core team and the community in the face of these obstacles.
The firm has been increasing its commitment to crypto for more than a year. In July 2021, the company added an undisclosed amount of Bitcoin to its balance sheet. Earlier this year, he introduced his new digital investment strategy, including GoldenChain and a ten-person team familiar with cryptocurrencies.
SushiSwap experienced administrative difficulties
The announcement came just three days after the leadership change. On Monday, members of the Sushi community named Jared Gray as CEO. The debate surrounding the months-long “refactoring” and administration of the protocol is over. The choice came after a year of organizational challenges at Sushi. In September 2021, de facto CEO and founding member “0xMaki” left for an external consulting position. In December, Chief Technology Officer Joseph Delong left Sushiswap, joining NFT lending platform Astaria.
According to data from LunarCrush, which measures social data, SushiSwap had the “best interaction” in the last 90 days with the said election. It had its best hourly interaction in the last 90 days, with over nine million active users. As with many other decentralized finance (DeFi) protocols, SushiSwap has had a tough time in the last 12 months. According to data provided by DefiLlama, the locked total value (TVL) in the protocol has decreased. TVL, which was worth more than $7 billion in November 2021, is now down to just over $500 million.
SUSHI price gains momentum
However, SUSHI seems to have gained momentum as a result of the GoldenTree announcement. The coin rose from $1.10 to $1.31 on a daily basis. At the time of writing, it is changing hands at $1.26, up 12 percent.
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