SUSHI whales bought additional 9.6M tokens in dip

TL;DR: Breakdown

• Whales accumulated over 9.6 million SUSHI tokens in two months.
• They currently own 9% more their previous supply combined.

Recent market data from Santiment shows that SUSHI whales accumulated over nine million tokens, despite the bear market for the past two months.

SUSHI whales return

Crypto whales are often a subject of discussion in the cryptocurrency market for price analysis. These are investors who own large amounts of tokens in their wallets. They are often criticized for causing price volatility, but they can also be seen as bullish indicators for the market, especially when they are buying.

Recently, there has been a lot of speculation about whether or not SUSHI whales are still accumulating amidst the current bear market. Some people believe that the whales have left the market and are no longer buying. Others think that they are still accumulating, but at a slower pace than before.

In a recent post, Santiment noted that SUSHI addresses holding between 100k to 10 million tokens, quietly accumulated 9.63 million SUSHI within a period of two months. At the moment, these addresses collectively hold an additional 9% of their previous supply. The impact of SUSHI whales accumulation wasn’t noticed instantaneously due to the bear market, which also affected Bitcoin, Ethereum, and other leading altcoins.

SUSHI is likely to break out if the buying momentum from whales lasts, with respect to other market factors.

SushiSwap token update

SUSHI token is up more than 4% to $4.2 during the time of writing. Its market capitalization now sits around $545 million.

But can the momentum continue? The latest price increase in SUSHI appears to be fueled by the whales and other market factors. Overall, many cryptocurrencies are beginning to see a relief from the bears, including Bitcoin and Ethereum are currently up by 3.9% and 5.9% respectively. It remains to be seen if the crypto market has finally gotten rid of the bears, or whether prices will retrace further.