The crypto market has been in a mess the past couple of months, with macroeconomic factors and industry issues weighing heavily on the market. However, occasionally, some crypto tokens appear to break out of the crowd and paint enticing gains within a relatively short period. One of such tokens identified by HiTechies this week is SashimiSwap (SASHIMI).
While most crypto tokens flunked out through most of Q3 2022, with Bitcoin (BTC) and Ethereum (ETH) dropping by about 17% and 25%, respectively, Sashimi has done the opposite. According to the monthly SASHIMI/USDT trading pair chart on TradingView, the cryptocurrency bagged an aggressive 280% jump between July and September. Factoring in the entire rally for the month, pre-correction, the pair skyrocketed by over 1,150% from $0.0027 to $0.0365, leaving most of the market in the dust.
Source – TradingView | SASHIMI/USDT Weekly Chart
At the same time, the cryptocurrency netted some noticeable trading volumes within the July to September period, with the volume peaking at 227.53 million in September, the highest in its history.
So why exactly is Sashimu recording such gains? To answer that question, we need to find out what this obscure crypto token called Sashimi is and if the recent rally recorded is sustainable.
The Sashimi Story
SashimiSwap is a SushiSwap-inspired project built by an aelf Blockchain network in 2020. Sashimi is touted as the “updated and simplified version” of the Uniswap fork SushiSwap by aelf.
Source – Twitter | SashimiSwap
As with other crypto swap protocols, Sashimi runs on the automatic market maker (AMM) model, which involves the use of liquidity pools (LP) rather than the traditional buyer and seller market system. The project boasts of having a user-friendly interface and offers a smooth mining experience with competitive yields. The project has no pre-mining or liquidity sharing requirements and promotes cross-chain swaps.
Unlike its SushiSwap progenitor, which allocates 10% of its funding to various team-focus expenses, such as project developments, audits, future upgrades, and others, SashimiSwap claims to have done away with such “development funds.”
The project charges a 0.3% fee on every network transaction, with 0.25% of this fee going to liquidity providers and the remaining 0.05% going to the SASHIMI DAO contract for community governance purposes.
Core Sashimi Features
SashimiSwap Exchange
SashimiSwap has a decentralized exchange (DEX) based on the AMM model wherein inactive funds will be invested via SashimiSwap Investment. On this DEX, users are allowed to trade tokens and add or remove liquidity from the platform.
Source – SashimiSwap | SashimiSwap Exchange
SashimiSwap Investment
As mentioned earlier, this feature is an in-house asset management tool that invests idle capital in various financial products. Also, a portion of the assets deposited by users gets invested in the liquidity pool through the Investment platform.
Source – SashimiSwap | SashimiSwap Investment
SashimiSwap Farms
SashimiSwap Farms is a liquidity mining platform and the pioneer of the “double farming” practice that is utilized to improve liquidity incentivization. SASHIMI users engaged with liquidity pools from Uniswap or other such platforms can store tokens on the platform’s LP Token Bar, double farming, where they can earn double rewards.
Source – SashimiSwap | Farming
SashimiSwap Vaults
This feature aggregates assets staked by users across different staking platforms. SashimiSwap Vaults is a complete financial management tool that invests user assets in other DeFi products. To ensure that it maximizes its profit potential, the contract containing the Vault is programmed to continually seek out DeFi projects with the highest yields, such as Compound (COMP), Yearn Finance (YFI), Aave (AAVE), Synthetix (SNX), and others.
Source – SashimiSwap | SashimiSwap Vaults
SashimiSwap Lending and Borrowing
This network feature is an interest rate-based decentralized money market system. The contract containing this feature determines the interest rate model for deposits and borrowings through the use of algorithms. The protocol is open to all users round the clock, who can either make deposits or stake assets to allow them to borrow tokens for other investments and pay interest on their borrowings.
Source – SashimiSwap | SashimiSwap Lending
Sashimi Price Prediction: Is SASHIMI on Fire?
The recent upswing recorded in SASHIMI over the last quarter appears to have no traceable driving factor. While most DeFi tokens, such as SNX, UNI, and AAVE, posted noticeable price increases in July, they all resumed a bearish trend in the following months. For SASHIMI, the July rally quickly turned into a full-blown price recovery attempt.
Meanwhile, the project has some bullish price predictions for the next decade. According to data from crypto aggregator DigitalCoinPrice, the SASHIMI is projected to have an average price of $0.16 by 2031. That said, this projection, being a major leap from its current price, remains more than 50% below its all-time high of $0.37 recorded in February 2021.
Is There Something Real Here?
While SASHIMI has recorded some impressive price action over the past few months, a lot seems to be amiss with the project itself. First off, the recent price hike was most likely fueled by traders pumping the token to make easy profits. SASHIMI is an easy target for pump and dump schemes, considering how minute the supply of the token is. Large traders can simply swoop in, purchase a sizable chunk of tokens to pump the price, and dump the asset once their desired aim is achieved.
According to data from CoinMarketCap, SASHIMI is the 3,946th largest cryptocurrency on the market, with a total supply of 2,303,603 tokens and an estimated market valuation of only $19,580. Apart from these, not much data about the project exists on crypto aggregators, which raise some red flags.
Source – CoinMarketCap | SashimiSwap
Unlike most blockchain protocols, Sashimi, which has been around for about three years, seems to pay little to no attention to its community and has largely inactive social media platforms, such as the ones on Discord, Telegram, and Twitter. To make matters worse, the official Sashimi Twitter handle is embroiled with announcements of platform downtimes, bugs, or both, with the most recent of such tweets coming in early August.
Source – Twitter | SashimiSwap
Last year, a user warned on isthiscoinascam.com that Sashimi had “zero liquidity,” adding that investors would be stuck and unable to sell their stake if they purchased the token. While these claims are yet to be verified, given how obscure SashimiSwap is, the mountain of inadequacies highlighted in this article makes it prudent to be cautious when engaging with it.
