Earlier on Saturday, the lead developer behind the popular Sushiswap protocol sold all of his tokens, causing a massive drop upwards of 50% in the token’s price.
Elsewhere, the entire cryptocurrency market is feeling the pressure as the total capitalization is down by more than $11 billion in the last few hours.
Sushi Seloff Headstarts a Market Collapse
CryptoPotato reported earlier that the lead developer of the popular Uniswap fork, Sushiswap, swapped all of his tokens for ETH. In a trade worth millions, the developer explained that he did so in order to continue working on the protocol and not worry about pricing.
Naturally, the community was more or less outraged, especially after the developer compared himself to Charlie Lee, Litecoin’s creator, claiming that he deserved the ETH he got for his SUSHI because of the work he did on the protocol. After all, he did put a week of work into it.
Nevertheless, the SUSHI token’s price tanked, losing more than 50% in the moments after the swap, which was somewhat expected.
However, there was pain across the entire market as Bitcoin, and other large-cap altcoins lost a serious chunk of their dollar value.
Bitcoin Under $10,000 as ETH Fell to Almost $300
The entire cryptocurrency market capitalization lost about $11 billion in the past few hours alone.
Even though Bitcoin dropped to about $9,825 on Binance, it managed to recover, and it’s currently trading at around $10,030, marking a steep 5% decrees in the last 24 hours alone.
However, Ethereum is the large-cap altcoin that bled out the most. So far, ETH is down upwards of 15% for the day, and that’s after recovering slightly from its downfall.
In fact, ETH dropped to $308 on Binance. Just a few days ago, it was testing $500, peaking at around $488 on the world’s leading exchange. This means that ETH has lost more than 30% in the past three days alone.