SUSHI Faces Massive Sell-off Following Uniswap’s Token Launch

SUSHI Faces Massive Sell-off Following Uniswap’s Token Launch

SUSHI was among the worst-performing cryptocurrencies on Thursday as the decentralized finance token faced a severe competitive threat from a rival.

Uniswap, a decentralized trading platform that inspired the launch of SUSHI’s parent project, Sushiswap, launched its governance token, UNI, Wednesday night.

Against the expected supply of 1 billion, Uniswap dispatched 150 million UNI tokens for users that have used or supported its exchange. At the time of distribution, an average UniSwap was receiving $1,344 worth of UNI tokens.

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About 13,000 people claimed 400 UNI each, leading many observers to compare the airdrop with the US Congress’s stimulus package.

As UNI took the Crypto Twitter and other popular crypto media portals by surprise, its rival SUSHI suffered.

Massive Sell-Off

The Sushiswap’s governance crypto fell by a little over 16 percent on a 24-hour adjusted timeframe. On Thursday alone, the SUSHI/USD exchange rate was down more than 10 percent, changing hands for $1.357 a token in the early London trading

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