Arora

SushiSwap

USDC

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<p>The price of SUSHI, the native token of the popular DeFi platform SushiSwap, has pumped over 50% recently and more than 10% in the last 24 hours. However, some analysts are questioning whether the rally is driven by organic buying demand or potential price manipulation.</p>
<h2 class="wp-block-heading" id="sushi-surges-over-50">SUSHI Surges Over 50%</h2>
<p>As noted by crypto analyst <a href="https://twitter.com/thisisksa/status/1720008729767108894?t=WptTMuXG2pip2ZU60l8Ckw&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">Karan Singh Arora</a>, the price of SUSHI spiked over 51% in a short period of time. This sudden vertical rally left many in the crypto community wondering what was behind the pump.</p>
<p>A crypto analyst, <a href="https://twitter.com/ZAYKCharts/status/1718842470841335827?t=jDJWCpk4wAwZUVoy6qtpNQ&amp;s=19" target="_blank" rel="noopener noreferrer nofollow">ZAYK Charts</a>, tries to explain the reason behind the price rise, pointing to a breakout from the falling hedge triangle a few days ago. Amidst this, on-chain metric points to manipulation, which could have been the reason behind the price rise</p>
<figure class="wp-block-image size-large"><img decoding="async" loading="lazy" width="1024" height="649" src="https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-1024x649.png" alt="" class="wp-image-368541" srcset="https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-1024x649.png 1024w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-300x190.png 300w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-767x486.png 767w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-1536x973.png 1536w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-2048x1297.png 2048w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-237x150.png 237w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-100x63.png 100w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-553x350.png 553w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-31-788x499.png 788w, https://captainaltcoin.com/wp-content/uploads/2023/11/image-31.png 900w" sizes="(max-width: 1024px) 100vw, 1024px">
</figure>
<h2 class="wp-block-heading" id="on-chain-sleuths-flag-suspicious-activity">On-Chain Sleuths Flag Suspicious Activity</h2>
<p>According to Arora, blockchain analytics firm Lookonchain had flagged some suspicious on-chain activity related to SUSHI prior to the pump.</p>
<p>Lookonchain found a new entity had accumulated a large SUSHI position on DEXs. The wallets then began transferring USDC to derivatives exchange dYdX across multiple newly created wallets.</p>
<h2 class="wp-block-heading" id="analysts-suspect-price-manipulation">Analysts Suspect Price Manipulation</h2>
<p>The suspicious on-chain footprint detected before the rally has led some analysts like Arora to suspect foul play.</p>
<p><em>“It’s possible someone is trying to manipulate the price of $SUSHI,” </em>said Arora, referring to Lookonchain’s analysis.</p>
<p>While unconfirmed, the unusual activity has raised speculation that the SUSHI pump may have been driven by price manipulation rather than natural buying demand.</p>
<p>Read also:</p>
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<h2 class="wp-block-heading" id="conclusion">Conclusion</h2>
<p>In summary, SUSHI saw a 50%+ price spike, but the catalyst for the rally is unclear. Unusual transfers flagged by on-chain analysts have fueled manipulation theories. More transparency could help confirm or dispel concerns about the SUSHI pump.</p>
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<p>The post <a href="https://captainaltcoin.com/why-is-sushi-surging-this-sushiswap-on-chain-metric-points-to-manipulation/" rel="noopener noreferrer nofollow">Why Is SUSHI Pumping? This SushiSwap On-chain Metric Points to Manipulation</a> appeared first on <a href="https://captainaltcoin.com" rel="noopener noreferrer nofollow">CaptainAltcoin</a>.</p>

Why Is SUSHI Pumping? This SushiSwap On-chain Metric Points to Manipulation

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