gettySince May, Ethereum has outperformed bitcoin, largely due to the decentralized finance (DeFi) frenzy, which saw numerous DeFi tokens with unaudited code and sometimes anonymous founding teams, boom in price. https://twitter.com/QwQiao/status/1302217019463475206As mentioned in prior posts, the DeFi frenzy had a positive price feedback loop to $ETH, which would be disrupted when the “party” came to an end. $SUSHI was one of the hottest tokens in DeFi, increasing from a $600,000 market cap to a peak of $285 million in two weeks. However, Chef Nomi denies the allegations and likens his situation to when Charlie Lee sold his $LTC, i.e. https://twitter.com/NomiChefRegardless of Chef Nomi’s true intentions, their actions may have irreparably damaged the SushiSwap project, which is weighing on Ethereum price.

Source: Forbes September 07, 2020 21:00 UTC