Long-Term Holders Are Moving Away From One Ethereum DeFi Altcoin, Says Analytics Firm Santiment

0 8

knife

Long-term holders of one Ethereum (ETH)-based decentralized finance (DeFi) altcoin are taking a step back from their investments, according to crypto analytics firm Santiment.

In a new report, Santiment says that SushiSwap’s (SUSHI) total value locked (TVL) has witnessed a massive 93% decline since November of 2021.

In comparison, the TVL of SushiSwap competitor Uniswap (UNI) has only dropped 63% over the same timeframe, according to Santiment.

The firm also says that the number of unique active wallets interacting with SushiSwap is seeing very little growth.

“Looking at the UAW – the number of unique active wallets (UAW) interacting or performing a transaction with a DApp’s smart contracts – there are some occasional spikes but overall, there’s little real growth as protocol usage on average remains pretty low.”

Enlarged
Source: Santiment

As for Uniswap, Santiment says that the number of unique active wallets transacting on the network is on the up and up.

“Meanwhile, on Uniswap, UAW has been increasing for the last year and at a pretty organic rate. Protocol usage on average maintains at levels higher than one year ago, indicating a healthy protocol.”

Enlarged
Source: Santiment

Santiment also looks at its dormant circulation metric, which tracks the tokens that move after staying inactive for more than one year. According to the firm, sudden surges in previous dormant coins have historically preceded sharp price drops, and such a spike has just occurred for SUSHI, implying that long-term holders are selling off their positions.

“Looking at the SUSHI token itself, there have been notable movements since the start of the year… From this, we can observe that long-term holders have been exiting their positions. Previous Dormant Circulation (365) spikes have sharp price declines following it. We are now observing yet another spike that happened yesterday.”

Source: Santiment

Don’t Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox



Check Price Action



Follow us on Twitter, Facebook and Telegram



Surf The Daily Hodl Mix


Check Latest News Headlines

&nbsp

Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Shutterstock/Tithi Luadthong/Natalia Siiatovskaia

The post Long-Term Holders Are Moving Away From One Ethereum DeFi Altcoin, Says Analytics Firm Santiment appeared first on The Daily Hodl.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 58,164.58
ethereum
Ethereum (ETH) $ 3,131.64
tether
Tether (USDT) $ 1.00
bnb
BNB (BNB) $ 532.34
solana
Solana (SOL) $ 138.43
usd-coin
USDC (USDC) $ 1.00
staked-ether
Lido Staked Ether (STETH) $ 3,129.17
xrp
XRP (XRP) $ 0.462236
the-open-network
Toncoin (TON) $ 7.32
dogecoin
Dogecoin (DOGE) $ 0.107243
cardano
Cardano (ADA) $ 0.410013
tron
TRON (TRX) $ 0.136691
avalanche-2
Avalanche (AVAX) $ 25.60
shiba-inu
Shiba Inu (SHIB) $ 0.000016
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 58,185.59
polkadot
Polkadot (DOT) $ 6.00
chainlink
Chainlink (LINK) $ 12.66
bitcoin-cash
Bitcoin Cash (BCH) $ 354.41
uniswap
Uniswap (UNI) $ 8.11
near
NEAR Protocol (NEAR) $ 5.00
dai
Dai (DAI) $ 1.00
leo-token
LEO Token (LEO) $ 5.68
litecoin
Litecoin (LTC) $ 68.97
matic-network
Polygon (MATIC) $ 0.504124
wrapped-eeth
Wrapped eETH (WEETH) $ 3,264.55
kaspa
Kaspa (KAS) $ 0.16738
pepe
Pepe (PEPE) $ 0.000009
ethena-usde
Ethena USDe (USDE) $ 0.999992
internet-computer
Internet Computer (ICP) $ 7.28
ethereum-classic
Ethereum Classic (ETC) $ 21.36
monero
Monero (XMR) $ 158.32
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.15
aptos
Aptos (APT) $ 6.07
stellar
Stellar (XLM) $ 0.090602
blockstack
Stacks (STX) $ 1.70
hedera-hashgraph
Hedera (HBAR) $ 0.067156
render-token
Render (RNDR) $ 6.16
cosmos
Cosmos Hub (ATOM) $ 6.04
crypto-com-chain
Cronos (CRO) $ 0.087731
mantle
Mantle (MNT) $ 0.699697
filecoin
Filecoin (FIL) $ 4.01
arbitrum
Arbitrum (ARB) $ 0.699926
okb
OKB (OKB) $ 37.73
maker
Maker (MKR) $ 2,407.77
vechain
VeChain (VET) $ 0.026827
renzo-restaked-eth
Renzo Restaked ETH (EZETH) $ 3,170.79
immutable-x
Immutable (IMX) $ 1.26
first-digital-usd
First Digital USD (FDUSD) $ 1.00
injective-protocol
Injective (INJ) $ 19.86
optimism
Optimism (OP) $ 1.71
sui
Sui (SUI) $ 0.741736
the-graph
The Graph (GRT) $ 0.184215
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,503.75
bittensor
Bittensor (TAO) $ 242.30
bonk
Bonk (BONK) $ 0.000023
dogwifcoin
dogwifhat (WIF) $ 1.58
notcoin
Notcoin (NOT) $ 0.0154
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,250.20
lido-dao
Lido DAO (LDO) $ 1.65
bitget-token
Bitget Token (BGB) $ 1.04
arweave
Arweave (AR) $ 22.09
aave
Aave (AAVE) $ 96.60
ondo-finance
Ondo (ONDO) $ 0.980399
theta-token
Theta Network (THETA) $ 1.39
floki
FLOKI (FLOKI) $ 0.000142
whitebit
WhiteBIT Coin (WBT) $ 9.55
fantom
Fantom (FTM) $ 0.469659
celestia
Celestia (TIA) $ 6.41
thorchain
THORChain (RUNE) $ 3.59
jasmycoin
JasmyCoin (JASMY) $ 0.024349
algorand
Algorand (ALGO) $ 0.137031
based-brett
Brett (BRETT) $ 0.113536
ether-fi-staked-eth
ether.fi Staked ETH (EETH) $ 3,119.26
pyth-network
Pyth Network (PYTH) $ 0.289984
quant-network
Quant (QNT) $ 71.61
jupiter-exchange-solana
Jupiter (JUP) $ 0.757824
coredaoorg
Core (CORE) $ 1.09
elrond-erd-2
MultiversX (EGLD) $ 35.38
sei-network
Sei (SEI) $ 0.314719
gatechain-token
Gate (GT) $ 7.00
kucoin-shares
KuCoin (KCS) $ 9.13
mantra-dao
MANTRA (OM) $ 1.05
flare-networks
Flare (FLR) $ 0.019202
flow
Flow (FLOW) $ 0.547323
ethereum-name-service
Ethereum Name Service (ENS) $ 26.01
kelp-dao-restaked-eth
Kelp DAO Restaked ETH (RSETH) $ 3,176.17
axie-infinity
Axie Infinity (AXS) $ 5.36
tokenize-xchange
Tokenize Xchange (TKX) $ 9.90
akash-network
Akash Network (AKT) $ 3.25
dydx-chain
dYdX (DYDX) $ 1.30
gala
GALA (GALA) $ 0.021479
eos
EOS (EOS) $ 0.52226
bittorrent
BitTorrent (BTT) $ 0.00000079791378
bitcoin-sv
Bitcoin SV (BSV) $ 39.06
tezos
Tezos (XTZ) $ 0.762661
fasttoken
Fasttoken (FTN) $ 2.34
msol
Marinade Staked SOL (MSOL) $ 166.21
beam-2
Beam (BEAM) $ 0.01473
usdd
USDD (USDD) $ 0.999724
starknet
Starknet (STRK) $ 0.558286