SushiSwap Volume Tests 2022 Low, Plunging More Than $8B

SushiSwap saw a further plunge in trading volume during July due to a decline in the demand for several altcoins listed on decentralized exchanges (DEXs). SushiSwap hit a new low in July as the month proved to be one of the difficult periods in the history of the trading platform.

The exchange recorded roughly $1.53 billion in volume during July, according to data from Dune Analytics. While this statistic may seem high compared to volume recorded by competing exchanges such as ShibaSwap, 1inch limit order protocol, Ox Native, and mStable, it was a 17% decrease from June. In July 2021, SushiSwap trading volume was in the region of $5.65 billion.Overall, the latest metric was also $8.36 billion below volume from the yearly high of $9.89 billion in January.