$14 Million Sushi Buyback Crashes Price, ETH Sent to Bittrex

sushi buyback crash sep 15 2020

Only in crypto can someone spend $14 million to buy something and end up crashing the price instead of increasing it in line with supply and demand. Yet that’s what happened with Sushi where a holders vote decided that the $14 million worth of tokens sold by Chef Nomi should now be bought back. The one that took over, Sam Bankman-Fried, obliged with a promising show so to unveil between 1 and 2 AM UTC yesterday. Before the show began, the price was at around $2.4, having risen by 5% at that point. Will it double? Maybe $10. Can it reach $3 at least? Defo $3.5 to $4 they said. So speculation went with the crypto space, for the first time unless we’re mistaken, to witness a live on-chain buyback of some 5% of the market cap. Price rose, but only a little bit, reaching $2.5 and sometime nearing $2.6.…

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