SushiSwap, Amino lead today’s altcoins rally: here’s why they are going up

Altcoins like SushiSwap (SUSHI) and Amino (AMO) are leading the cryptocurrency rally today, with significant price hikes.

 Let’s delve into the factors driving their recent price movements and what’s behind the excitement.

SushiSwap rises 48.45%

SushiSwap (SUSHI) has experienced an impressive 48.45% price surge in the last 24 hours. This surge has ignited discussions in the crypto community, with some speculating the possibility of market manipulation.

One intriguing aspect is the emergence of a fresh wallet Lookonchain claimed on X (formerly Twitter) that it was actively acquiring SUSHI through decentralized exchanges (DEX) and depositing USDC into perpetual exchanges, including dYdX, through a multitude of addresses.

The price of $SUSHI is up 16% today.

It seems someone is manipulating the price of $SUSHI and going long $SUSHI to make profits.

A fresh wallet is buying $SUSHI on #DEX and depositing $USDC to perpetual exchanges such as #dydx through multiple addresses(probably long $SUSHI). pic.twitter.com/IQQ93xE2PQ

— Lookonchain (@lookonchain) October 31, 2023

This strategic manoeuvre has caught the attention of industry experts, with the web3 blockchain analytics tool Lookonchain suggesting the potential for manipulation. The wallet’s intention is under scrutiny, but it’s suspected that it seeks to accumulate SUSHI for financial gains—a characteristic move of experienced participants in the crypto space.

The wallet’s investment of 640,000 USDC to acquire 900,514 SUSHI tokens at a price of $0.71 has played a role in driving SUSHI’s price to its current level of $1.17. With the circulating supply at 231,673,426 SUSHI, this activity has contributed to an impressive market capitalization of $271,254,650.

Amino’s Uniswap listing

Amino (AMO) is also in the spotlight due to its recent listing on Uniswap. Launched just four hours ago, it has already achieved a 24-hour trading volume exceeding $9.8 million and a market capitalization exceeding $20 million.

However, it’s important to note that the price of Amino has exhibited significant volatility, with fluctuations between $0.0017 and $0.002278 over the past week.

High Ethereum (ETH) gas fees may have influenced Amino’s launch price. These fees can increase the expenses associated with creating liquidity pools and executing smart contracts. Consequently, the initial token price may be set higher to cover these costs. This, in turn, may impact the accessibility and demand for the token, influencing price fluctuations.

The listing on Uniswap, a popular decentralized exchange, provides accessibility to Amino and the ability to trade it. However, participants should be aware of the potential risks associated with newly listed tokens, especially those exhibiting high price volatility.

In the dynamic world of cryptocurrency, both SushiSwap and Amino are capturing the spotlight for their unique developments and price movements. Traders and investors should, however, exercise caution, conduct thorough research, and closely monitor these market dynamics.