People who bought Bitcoin ten years and still have it in their investment portfolio are all rich. The mother of all cryptocurrencies was selling for less than $1 ten years ago, and at the moment, it has been selling for more than $42,000 per token in recent times. The gain is mind-blowing. It is one of the many reasons many people are taking to cryptocurrency investing.
Saying that many cryptocurrency enthusiasts are looking for the next Bitcoin is just stating the obvious. Every cryptocurrency investor will buy any coin if it is confirmed that the said coin will gain more than 10,000% in the next ten years. But the nature of the crypto market makes forecasting difficult, which is why it is difficult to answer the question of whether SushiSwap can make you rich in ten years.
As stated earlier, it is difficult to predict how well any crypto-asset will perform in the future, but there are key considerations that can help you figure out whether a coin will perform well or poorly.
We are going to discuss SushiSwap in a manner that will help you understand the risks of investing and the potential of your investment. In the end, we believe this post will help you understand the chances of getting rich by investing in SushiSwap for the long term.
Content:
- What Is SushiSwap?
- How Does SushiSwap Work?
- How About The SushiSwap Token?
- Is SushiSwap A Good Investment?
- Will SushiSwap Make Me Rich In 10 Years?
- Price History Of SushiSwap
- Recent Performance And Current Standing Of SushiSwap
- SushiSwap Price Predictions
- Where Will SushiSwap Be In The Next 10 Years?
- Weighing The Pros And Cons Of Investing In SushiSwap
- Should You Play The Long-Term Game With SushiSwap?
- Final Words
What Is SushiSwap?
SushiSwap is an automated market maker that grew really popular in 2021. The project was launched as a fork of a popular Decentralized Exchange (DEX) called Uniswap. While there are some similarities between the two, SushiSwap has some notable improvements that have endeared many DeFi users.
As an automated market maker, SushiSwap utilizes smart contracts to create decentralized markets for any given pair of tokens. It solves some of the key problems in DeFi trading, especially liquidity problems. It provides liquidity pools and can also execute trades automatically. This makes trading cryptocurrencies on a peer-to-peer basis a lot easier and increases users' chances of making profits.
In addition to having an interesting name, SushiSwap offers users many goodies. It diversifies the AMM market and offers users several additional features. Users of the protocol can trade more assets automatically. Network participants also earn more rewards in the form of SUSHI (which is the name and ticker symbol of the native currency).
It is important to also define SushiSwap in terms of its native currency. Like other cryptocurrency networks, this advanced Decentralized Exchange has its own native currency. It is an ER-20 token that serves as the governance token of the network as well as the primary investment vehicle. The basic way to invest in SushiSwap is to trade this token as a digital asset. It is a valuable asset within and outside the SushiSwap ecosystem.
Read More: What Is SushiSwap? Should You Invest In SUSHI And Where To Buy It?
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
How Does SushiSwap Work?
As a platform, SushiSwap facilitates the trading of cryptocurrencies through a straightforward method. It is easy to use and has a number of community-oriented features that offer additional benefits. Users just need to add their Ethereum-compatible wallet to get started. When they do, they will be able to provide liquidity to any liquidity pool on the network and earn rewards in the form of SUSHI.
When users provide liquidity to liquidity pools, their assets are locked into smart contracts. The network charges a modest 0.3% fee on each transaction, which is very fair by industry-standard and far more affordable than what is obtainable in central exchanges.
As hinted earlier, there are several ways to earn rewards by using the SushiSwap protocol. Users earn rewards by contributing to liquidity pools. They can also earn through farming and staking, which are ways to make passive income without having to constantly buy and sell digital assets.
SushiSwap also allows for lending and borrowing of digital assets. Users earn rewards when they lend. They also need to provide digital collateral when they want to borrow.
How About The SushiSwap Token?
If you are thinking of investing in SushiSwap with the hope of becoming rich in ten years, then you need to know about the token. This is primarily because the performance of your investment is tied to the value of this token. If the price of the token rises far higher than the price you bought, then you can sell on any available platform and make lots of profits.
Before we start discussing the price of SUSHI, it is important to state the type of coin it is. It was launched as an ERC-20 token based on Ethereum. That implies that it can be used with any Ethereum-compliant wallet. It has several uses in the SushiSwap ecosystem.
Firstly, SUSHI is the primary investment vehicle in the ecosystem. This simply means it is the digital asset you will need to trade to be regarded as a regular investor. You can buy and sell after a few minutes, hours, or days. You can also wait for weeks, months, or even years, depending on your strategy. Regardless of your strategy, the goal should always be to buy cheap and sell when the price goes up. If you are buying with the hope of getting rich in ten years, then HODLing is the right strategy for you.
SUSHI also serves as the governance token of the SushiSwap network. This implies that it gives holders voting power that can be used to influence how the network is run. Voting powers primarily depend on the volume of SUSHI a user holds or controls. Users can vote on proposed protocol changes and other important issues.
It is important to also state here that buying is not the only way to get SUSHI. Once you have bought your initial tokens, you can use them judiciously to earn more tokens, as long as you don’t sell. You can earn by providing liquidity to liquidity pools or by farming, lending, and staking.
Is SushiSwap A Good Investment?
It is always a little difficult to determine whether a new cryptocurrency asset is a good investment or not. The industry is moving at a very fast pace and decentralized finance (which SUSHI belongs to) is evolving at an even faster pace. There are many things we must consider to determine whether it is a good investment.
One of the first things to think about a coin when you are planning to either buy or ignore it is to consider its legitimacy. Though a lot is happening in the crypto space and many genuine coins with reliable platforms are released regularly, there are still projects that are nothing but scams. Fortunately, SushiSwap is a genuine project that offers several benefits for DeFi users.
You also need to consider the safety of any network or token you are buying into. In the case of SushiSwap, it is recognized as a safe platform. It was forked from a dependable DEX, and the developers did a great job with the code. The design makes it secure, so the chances of a hack are minimal.
While SushiSwap ticks many technical boxes, there are issues that make it appear like a poor investment choice. For a start, it is a relatively new coin with very little historical data. It has also shown signs of extreme volatility in just one year of being in major cryptocurrency exchanges.
Depending on the level of risk you are ready to cope with, SushiSwap can be a good investment for now. But if you are planning to invest in it for long-term reasons, then you need to pay attention as we look at the past, presence, and future of the network and its token.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Will SushiSwap Make Me Rich In 10 Years?
It is almost impossible to tell where SushiSwap will be in the next ten years, so no one can assuredly predict whether it will make you rich in ten years. As a crypto asset, it has potentials. On the other side, it has shown signs of extreme volatility, meaning it can significantly lose value in the future.
We can continue to speculate on the future of SUSHI, but it is better to look at its past and presence before discussing its future.
Check Out: Why SushiSwap Will Skyrocket
Price History Of SushiSwap
Unlike many of the cryptocurrencies on the market, SushiSwap was not launched through an ICO. Rather, it was made available to the public soon after it was launched in August 2020.
As of 28th August 2020, SUSHI was trading for $2.59 per token. It gained significantly after many DeFi platforms supported it and many central exchanges listed it. By 2nd September, the fresh token traded for as much as $8.84 per token before taking a dive to reach $1.93 on 6th September. It fluctuated further throughout the month.
SUSHI started October 2020 at $1.28 per token. By 5th October, it had dropped to $0.874. It fluctuated throughout the month but was generally selling for less than $1. On the 31st of October, it traded for $0.5999. It started the month of November at $0.605 and dropped to an all-time low of $0.4737 on 4th November 2020. After a frustrating first week, SUSHI picked up a little and reached $1.06 on 15th November. It finished the month at about $1.42.
SushiSwap started December 2020 on a good note at $1.96. By the third day, it reached $2.19. SUSHI gained value slowly through the first and second week of December. On 20th December, it traded for $2.88 but eventually finished the year at $2.61.
January 2021 started on a god note for SushiSwap investors – the coin started the year at $2.86 and by the second day, it reached $3.32. By 9th, it reached $4.31 rising significantly again to $7.16 on 17th January. By 30th January, the coin traded for $8.98 before ending the month at $10.27. By the second day of February, Sushi traded for $12.95, rising further to $15.02 on 6th February. It finished the month at $16.46.
March 2021 was the most spectacular month for SushiSwap. The token started the month at $15.05 and by the 13th, it reached an all-time high value of $23.38. The value declined slowly, but the coin was able to finish March at about $15.83.
In April 2021, the price of SUSHI fluctuated significantly. It started at $14.64, reached $17.63 on 16th, dropped to $10.93 on 26th, and eventually finished the month at $14.11. May saw the coin price climb to $21.44 on the 19th and dropped to about $10.10 on the last day. By June 12th, it dropped to about $8.54, eventually finishing the month at about $7.59.
SUSHI started July at $8.16, dropped to $6.66 on the 20th before finishing the month at $8.41. It started the month of August at $8.94, climbed to about $13.71 before dropping to finish the month at $11.48. By September 2nd, it traded for $13.79, then fluctuated throughout the first two weeks. By 26th September, it reached $9.59 and finished the month at about $9.67.
Recent Performance And Current Standing Of SushiSwap
The first two weeks of October saw SushiSwap token trading for an average of $10 per token, only reaching $11.43 on the 17th. It eventually finished the month at $11.00. It started the month of November at $10.85, reached $13.33 on the 4th before dropping below the $10 mark on the 17th. The market drop in December influenced SUSHI's prices just as it did the other cryptocurrencies.
At the time of writing this piece, SUSHI was trading for $4.78 with a 24-hour trading volume of $608,853,068. In the past 24 hours, it had recorded a low price of $4.51 and a high price of $4.87. It has a market capitalization of $608,853,068, making it the #146 ranked cryptocurrency in the world.
There are currently 127,244,443 SUSHI tokens in circulation. That’s approximately 51% of the 250,000,000 SUSHI maximum supply. It is available in several centralized exchanges and basically in every decentralized exchange.
SushiSwap Price Predictions
Though it is difficult to predict the future prices of cryptocurrencies, many have been able to come close on several occasions. Many authority websites perform technical analysis when determining the future prices of crypto assets, and it is good to look at these predictions when you are trying to decide whether to buy an asset or ignore it.
According to Wallet Investor has a favourable prediction for SushiSwap investors. Their recent prediction has the SUSHI coin going up to about $13.9 in one year. In the next five years (2027), they predict that it can be worth around $26.61.
According to Digital Coin Price, SushiSwap (SUSHI) price can go up to $7.16 in 2022. It is also predicted that the coin will rise to $8.5 in 2023, then $10.42 in 2024, and $11.93 in 2025.
Long Forecast is not as excited as the first two websites when it comes to the future of the SushiSwap token. It predicts that the SUSHI coin will be worth around $3.82 in December 2022. In 2023, it predicts that the coin can average $8.06 in December. For December 2025, it predicts that SUSHI will be worth about $6.42.
Don't Miss: SushiSwap Price Predictions
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Where Will SushiSwap Be In The Next 10 Years?
As we've maintained from the beginning, it is difficult to tell how valuable the SushiSwap token will be in the next ten years. From what we have covered so far, you can tell that the token is volatile and that most prediction sites are not tipping the coin to grow so much in the foreseeable future.
Ten years is a long time to estimate how well SushiSwap will perform as a network, or how valuable the token will be worth. Considering the competitive nature of the DeFi market and how SushiSwap was formed, it is difficult to predict that it will be worth a lot of money in ten years. No doubt, the value can improve, but it is not looking like the kind of investment that can make you rich in ten years.
Weighing The Pros And Cons Of Investing In SushiSwap
Are you finding it difficult to make up your mind about investing in SushiSwap? It is normal. We have discussed the good sides of the coin as well as the bad sides. Sometimes, the best way to make up your mind will be to consider the pros and cons of investing in a token, and we will briefly highlight them:
Pros
✅ SushiSwap is an automated market maker that has been accepted by many DeFi users.
✅ SushiSwap has great features and offers many benefits to cryptocurrency traders who love to focus on the DeFi sector – it is already popular and may continue to grow bigger.
✅ SUSHI, the primary investment vehicle you will buy when you invest, is also a governance token that gives you voting power to determine the future of the network.
✅ SushiSwap is an easy-to-use decentralized exchange that charges very affordable fees and also rewards network participants with SUSHI.
✅ There are different ways to earn from SushiSwap while holding your tokens, including lending, farming, and staking.
✅ SUSHI has performed well when compared to coins launched at the same time.
✅ SUSHI is available on many platforms, which means liquidity is not an issue.
Cons
❌ SushiSwap was founded by anonymous persons, though ownership has been transferred to a known figure in the cryptocurrency space.
❌ SushiSwap is operating in a highly competitive market and will need to improve its services and offerings to remain relevant.
❌ SUSHI has shown signs of extreme volatility.
❌ SushiSwap has been in existence for just a year, and no one can confidently say that it will remain a top AMM in the next ten years.
❌ SushiSwap founder once withdrew 38,000 Ethereum (ETH) from the network and only returned that after heavy backlash from users. Though he/she apologized, the damage has been done and many will find it hard to trust the network.
Should You Play The Long-Term Game With SushiSwap?
If you are planning to invest in SushiSwap with the hope of becoming rich in the ten years then you need to think twice about the move. Yes, there is a decent chance that SushiSwap will become more valuable in the future and the price of SUSHI will rise significantly, but there is also a good chance that the AMM will not fulfil its potential.
From what we know of SushiSwap, it may not be a millionaire-maker in the next ten years. Due to its volatile nature and the way the DeFi sector works, this automated market maker may become less useful in the future. Many current users may switch to better protocols in the future and it will affect its value. However, it can be a good short-term investment.
Playing the long-term game with SUSHI is really risky. If you must do that, it is advisable that you invest cautiously. You shouldn't also relax and wait for ten years before selling. Monitor the market and use your SUSHI holding diligently for as long as you want to earn returns. You can take advantage of the farming and staking features while waiting for the token to gain value. You must also keep tabs on the market situation and sell when you feel the time is ripe – it can be two, five, or seven years after buying. Short-term trading, however, is a better strategy for SushiSwap investing.
Read Also: Why SushiSwap Is Going To Explode
Final Words
Will SushiSwap make you rich in ten years? Well, you should have a good answer to the question at this point. Though there are good reasons to believe that the coin can do well in the future, there are even higher chances that it will not be a millionaire-maker. Invest cautiously and monitor the market often to know when to pull out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.