SushiSwap Price: SUSHI rises by 16.8% after proposal for creating three new DAOs receives approval
- SushiSwap price increase resulted in the altcoin trading at $1.65.
- Sushi DAO approved the legal structuring, which will establish three DAOs in the Cayman and Panama regions.
- The three new DAOs will be used to administer grants and facilitate proposals, among other functions.
SushiSwap price, along with the rest of the crypto market, marked a significant rise over the last 24 hours. However, along with the broader market bullish cues, SushiSwap received positive signals from its ecosystem as well. This included the approval of three new DAOs in the Panama and Cayman regions.
SushiSwap price booms
Trading at $1.66, SushiSwap price noted a significant rise as it inclined by almost 17% on Wednesday. The increase in price also brought the cryptocurrency closer to the local top of $1.87, which SUSHI last touched back in June. This is also the first bout of recovery it has observed since the crash in May.
The Parabolic SAR’s blue dots present below the candlesticks suggest that an uptrend is currently active. Persistence of this uptrend is crucial for SUSHI in order to acclaim its local top and initiate further recovery.
Although the chances of the same happening seem to be rather bleak at the moment. The Average Directional Index (ADX) is still lurking below the 25.0 threshold despite the uptrend being active for more than two weeks. An ADX below 25.0 hints at a lack of strength in the active trend, and this may not be a good sign for SUSHI.
But since the cryptocurrency is far above the lows of June ($0.90), it might be able to maintain its growth even if the prices were to fall.
Additionally, it also has the support of its community, which was evident during the voting of its recent proposal.
Sushi’s legal structure
According to a proposal posted by the Sushi DAO, it is looking to implement its legal structure, and for the same, it plans on establishing three new DAOs.
Dubbed as the Cayman Islands foundation, Panamanian Foundation and Panamanian Corporation, these DAOs will be responsible for different functions of the legal structure.
The Cayman Island foundation, aka the DAO Foundation, will be responsible for administering treasury and grants, as well as facilitating proposals and voting.
The Panamanian Foundation will be formed to administer the existing Sushi protocol. And the Panamanian Corporation is going to be focused on operating the GUI layer.
The proposal noted no pushback and received 100% support from the community during the vote. Given its approval, SushiSwap will now be able to establish the Sushi Legal Structure.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
