
SushiSwapsushi#340
By Twin · CoinHours Editorial · Coin profile maintained by CoinHours Editorial · Market data refreshes every 60s
$0.1931
7d Change
-8.11%
30d Change
-28.80%
24h High
$0.000000
24h Low
$0.000000
Price Chart
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About SushiSwap
SushiSwap is a multi-chain decentralized exchange that originated as a fork of Uniswap with added token incentives and community governance. The platform has expanded beyond basic AMM functionality to include lending, token launch platforms, and cross-chain swaps. SUSHI tokens provide governance rights and revenue sharing from protocol fees when staked. The project has experienced governance challenges and leadership changes while maintaining presence across numerous blockchain networks.
Primary use case: Multi-chain decentralized exchange offering AMM trading with community governance and fee sharing.
CoinHours Analysis
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Understanding SushiSwap Price Data
The SushiSwap price shown above is a volume-weighted average across major spot exchanges, sourced from CoinGecko and refreshed continuously throughout the trading day. Cryptocurrency markets trade twenty-four hours a day, seven days a week — there is no opening or closing bell — so the 24-hour change figure is a rolling window measured against the price exactly one day prior, not against a fixed daily close. The 7-day and 30-day percentage moves use the same rolling-window methodology, which means the figures shift continuously rather than resetting at midnight.
Market capitalisation for SushiSwap is calculated by multiplying the current price by the circulating supply — the number of SUSHI units currently in public hands and not locked, burned, or reserved by the protocol. This differs from total supply (all units that have ever been created) and max supply (the protocol-defined cap, where one exists). For assets with significant locked or vesting allocations, fully diluted valuation can be a more useful long-term measure than market cap alone. The 24-hour trading volume figure aggregates spot trading across reporting exchanges and excludes derivatives and over-the-counter activity, which can be substantially larger for major assets.
All-time high (ATH) figures reflect the peak USD price ever recorded for SushiSwap on a major exchange. The ATH change percentage shows how far the current price sits below — or above — that peak, and is one of several inputs the CoinHours Market Cycle Indicator uses when assessing where the broader market sits in its four-year halving cycle. For longer-term investors, ATH drawdown combined with 200-week moving average position and the Fear & Greed Index gives a clearer cycle picture than any single metric in isolation.
SushiSwap for Australian Investors
In Australia, the Australian Taxation Office (ATO) treats SushiSwap and other cryptocurrencies as capital gains tax (CGT) assets rather than as currency. Every disposal — selling for AUD, swapping for another crypto, spending on goods or services, or gifting — is a CGT event that must be reported in your tax return. Holding SUSHI for more than twelve months before disposing of it qualifies you for the 50% individual CGT discount, which is one of the most significant tax planning levers for long-term holders. See the crypto tax encyclopedia entry for a full breakdown of ATO record-keeping requirements, cost-base calculation methods, and the tax treatment of staking rewards, airdrops, and DeFi income.
Australian investors typically buy SushiSwap through a registered exchange that complies with AUSTRAC anti-money-laundering requirements. Once acquired, holdings can be left on the exchange (counterparty risk), moved to a software wallet (convenience with online attack surface), or transferred to a hardware wallet for cold-storage self-custody (highest security, least convenient). The CoinHours security guide walks through the trade-offs in detail, including seed-phrase storage, multi-signature setups, and inheritance planning. For background on the underlying technology, the Crypto Encyclopedia covers blockchain fundamentals, consensus mechanisms, and the SushiSwap protocol in plain English.
SushiSwap FAQ
What is SushiSwap and how does it differ from centralised exchanges?
SushiSwap is a decentralised exchange that operates through automated market makers rather than traditional order books. Users trade directly against liquidity pools provided by other users, and the protocol runs on blockchain smart contracts without centralised control. This means users maintain custody of their funds throughout the trading process, unlike centralised exchanges where users deposit funds to the platform.
How do I earn rewards on SushiSwap?
Users can earn rewards by providing liquidity to trading pairs, which generates fees from trades in those pools. Additionally, many pools offer SUSHI token rewards as incentives. SUSHI holders can also stake their tokens to receive xSUSHI, which provides a share of protocol revenues. Rewards vary based on pool selection, trading volume, and current incentive programmes.
What are the tax implications for Australian users of SushiSwap?
Australian users may face tax obligations on various SushiSwap activities under ATO guidance. Providing liquidity, receiving rewards, and trading could trigger capital gains or income tax events depending on the circumstances. Users should maintain detailed records of all transactions and consider consulting tax professionals familiar with cryptocurrency regulations to ensure proper compliance.
What risks should I consider before using SushiSwap?
Key risks include smart contract vulnerabilities, impermanent loss for liquidity providers, and governance risks from community decisions. Multi-chain operations introduce additional bridge risks when moving assets between blockchains. The protocol's experimental nature and history of governance challenges also present operational uncertainties. Users should thoroughly research and understand these risks before participating.
How does SushiSwap's governance system work?
SushiSwap operates as a DAO where SUSHI token holders can vote on proposals affecting the protocol. Voting power is typically proportional to token holdings, and proposals can cover topics like fee changes, new features, or treasury management. The governance process involves discussion periods, formal voting, and implementation phases, though the specific mechanisms may evolve based on community decisions.
Can I use SushiSwap on different blockchain networks?
Yes, SushiSwap operates across multiple blockchain networks including Ethereum, Polygon, Arbitrum, Avalanche, and others. Each deployment functions independently with separate liquidity pools and potentially different token availability. Users need to ensure they're using the correct network and may need to bridge assets between chains, which involves additional costs and risks.
Frequently Asked Questions
How often is the SushiSwap price updated?
CoinHours pulls live SUSHI pricing from CoinGecko, which aggregates trades across major exchanges. The page refreshes the displayed figures every few minutes; the underlying market data updates continuously and may move significantly between refreshes during volatile sessions.
Why does the SushiSwap price differ between exchanges?
Each exchange runs its own order book, so prices drift slightly based on local supply and demand, regional liquidity, and pair availability. The figure shown here is a weighted average designed to represent the broad market price rather than any single venue. Arbitrage typically keeps the differences small for major assets but can widen during fast moves or on smaller exchanges.
Is buying SushiSwap legal in Australia?
Yes. Cryptocurrency is legal to buy, hold, and trade in Australia. Exchanges operating in Australia must register with AUSTRAC and comply with anti-money-laundering and counter-terrorism financing rules. The ATO treats crypto as property for tax purposes — see the Australian investors section above for tax implications.
What is market cap and why does it matter?
Market capitalisation equals current price multiplied by circulating supply and gives a rough measure of an asset's total value in public hands. It is a more meaningful comparison metric than price alone because two coins with identical prices can have radically different supplies. Market cap rank is one input investors use when assessing relative size, but it does not account for locked tokens, future emissions, or actual on-chain liquidity.
Should I store SushiSwap on an exchange or in a wallet?
Exchange custody is convenient but exposes you to counterparty risk — exchange failures and hacks have wiped out customer balances historically. For amounts material to your finances, a hardware wallet under your own control is the standard recommendation. Read the security guide for a full comparison of custody options and seed-phrase best practices.
Information on this page is general in nature and does not constitute financial, investment, or tax advice. Cryptocurrency prices are volatile and you can lose your entire investment. Consult a qualified Australian financial adviser and registered tax agent before making investment decisions.