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) $ 51,559.81
ethereum
Ethereum (ETH) $ 2,985.48
tether
Tether (USDT) $ 0.999755
bnb
BNB (BNB) $ 382.06
solana
Solana (SOL) $ 104.17
xrp
XRP (XRP) $ 0.544501
staked-ether
Lido Staked Ether (STETH) $ 2,984.45
usd-coin
USDC (USDC) $ 1.00
cardano
Cardano (ADA) $ 0.590978
avalanche-2
Avalanche (AVAX) $ 36.62
dogecoin
Dogecoin (DOGE) $ 0.085821
tron
TRON (TRX) $ 0.137518
chainlink
Chainlink (LINK) $ 18.47
polkadot
Polkadot (DOT) $ 7.83
matic-network
Polygon (MATIC) $ 0.995969
uniswap
Uniswap (UNI) $ 11.24
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 51,499.80
the-open-network
Toncoin (TON) $ 2.12
internet-computer
Internet Computer (ICP) $ 12.60
shiba-inu
Shiba Inu (SHIB) $ 0.00001
bitcoin-cash
Bitcoin Cash (BCH) $ 267.21
litecoin
Litecoin (LTC) $ 70.35
dai
Dai (DAI) $ 0.998796
immutable-x
Immutable (IMX) $ 3.09
cosmos
Cosmos Hub (ATOM) $ 10.42
filecoin
Filecoin (FIL) $ 7.87
near
NEAR Protocol (NEAR) $ 3.84
leo-token
LEO Token (LEO) $ 4.20
kaspa
Kaspa (KAS) $ 0.169721
ethereum-classic
Ethereum Classic (ETC) $ 26.11
blockstack
Stacks (STX) $ 2.58
hedera-hashgraph
Hedera (HBAR) $ 0.109051
bittensor
Bittensor (TAO) $ 574.96
optimism
Optimism (OP) $ 3.70
aptos
Aptos (APT) $ 9.45
first-digital-usd
First Digital USD (FDUSD) $ 1.00
stellar
Stellar (XLM) $ 0.116644
vechain
VeChain (VET) $ 0.044725
okb
OKB (OKB) $ 51.34
injective-protocol
Injective (INJ) $ 34.61
lido-dao
Lido DAO (LDO) $ 3.28
celestia
Celestia (TIA) $ 16.95
render-token
Render (RNDR) $ 7.29
the-graph
The Graph (GRT) $ 0.271295
mantle
Mantle (MNT) $ 0.780276
crypto-com-chain
Cronos (CRO) $ 0.094449
arbitrum
Arbitrum (ARB) $ 1.84
monero
Monero (XMR) $ 123.62
sei-network
Sei (SEI) $ 0.848939
sui
Sui (SUI) $ 1.65
maker
Maker (MKR) $ 2,023.45
rocket-pool-eth
Rocket Pool ETH (RETH) $ 3,288.24
beam-2
Beam (BEAM) $ 0.032835
thorchain
THORChain (RUNE) $ 5.42
algorand
Algorand (ALGO) $ 0.195216
mantle-staked-ether
Mantle Staked Ether (METH) $ 3,046.39
elrond-erd-2
MultiversX (EGLD) $ 58.20
dydx-chain
dYdX (DYDX) $ 3.55
quant-network
Quant (QNT) $ 103.95
flow
Flow (FLOW) $ 1.00
bitcoin-sv
Bitcoin SV (BSV) $ 75.69
aave
Aave (AAVE) $ 99.80
bitget-token
Bitget Token (BGB) $ 1.01
flare-networks
Flare (FLR) $ 0.040378
mina-protocol
Mina Protocol (MINA) $ 1.31
starknet
Starknet (STRK) $ 1.89
ordinals
ORDI (ORDI) $ 63.96
havven
Synthetix Network (SNX) $ 4.03
theta-token
Theta Network (THETA) $ 1.32
helium
Helium (HNT) $ 8.85
true-usd
TrueUSD (TUSD) $ 0.973867
tokenize-xchange
Tokenize Xchange (TKX) $ 15.57
fantom
Fantom (FTM) $ 0.41951
blur
Blur (BLUR) $ 0.805014
the-sandbox
The Sandbox (SAND) $ 0.519879
chiliz
Chiliz (CHZ) $ 0.127204
fetch-ai
Fetch.ai (FET) $ 1.07
worldcoin-wld
Worldcoin (WLD) $ 8.19
axie-infinity
Axie Infinity (AXS) $ 8.08
dydx
dYdX (ETHDYDX) $ 3.55
bittorrent
BitTorrent (BTT) $ 0.000001
apecoin
ApeCoin (APE) $ 1.76
gala
GALA (GALA) $ 0.029834
tezos
Tezos (XTZ) $ 1.13
whitebit
WhiteBIT Coin (WBT) $ 7.05
sats-ordinals
SATS (Ordinals) (SATS) $ 0.00000048312944
kucoin-shares
KuCoin (KCS) $ 10.48
cheelee
Cheelee (CHEEL) $ 18.69
osmosis
Osmosis (OSMO) $ 1.58
woo-network
WOO (WOO) $ 0.526154
singularitynet
SingularityNET (AGIX) $ 0.741536
conflux-token
Conflux (CFX) $ 0.248178
dymension
Dymension (DYM) $ 6.36
decentraland
Decentraland (MANA) $ 0.500194
akash-network
Akash Network (AKT) $ 4.02
eos
EOS (EOS) $ 0.800513
arweave
Arweave (AR) $ 13.86
frax-ether
Frax Ether (FRXETH) $ 2,975.79
ronin
Ronin (RON) $ 3.02
astar
Astar (ASTR) $ 0.161853