14$ Million SUSHI buy-back fails to lift $SUSHI's price!

in HODL • 4 years ago

buyback fail.jpg

The SUSHI SAGA continues as $14 Millon $SUSHI token buy-back fails to lift token's price.

After Chef Nomi decided to sell $14 Million Dollar worth of SUSHI tokens in the open market, which I talked about in my earlier post The Chef who sold his Sushi there was tremendous pressure on him to return the funds in-part or in-full back to the community, as he was doxxed.

Later, in a dramatic turn of events, he did actually return $14 Million back to the community Chef Nomi caves-in

After the funds were returned to the community, a proposal was put up for voting. If passed, the proposal would then allow the SUSHI community to re-buy $14 Million worth of $SUSHI tokens from the open market.

The token holders and key participants voted in favor of the porposal and the buy-back plan was announced by the official SUSHISwap Twitter account as you can see in the tweet below.

But, something interesting happened in the buy-back that lasted for an hour.

The SUSHI buyback has finished!https://t.co/WhwSf3OiLT https://t.co/ZWMeza7f18

— SushiChef (@SushiSwap) September 15, 2020

The Price of SUSHI came down, instead of going up. Here is a snapshot from Binance Exchange.

buybackchart.jpg

CryptoTwitter and $SUSHI token holders were clearly not happy with the buy-back and they went ahead to express their disappointment on twitter.

What did u expect from this ponzi???? To pump? They've printed 200m useless, tokens, of a copy paste project. Ofcourse this ponzi is going to hit the 0. They still print this shit in 1 million a day....and everyone isnjust dumpong, just like the #crv. Useless shit-ponzi-token.

— Have No Name (@Merov1ngian) September 15, 2020

Dumped the shit.
Pure scam

— Pankaj (@Pankaj78669363) September 15, 2020

You used your own hands to destroy your project. You are too shady in your dealings. You blew another chance to redeem your image. Is this a buyback or sellback?

— Page9 (@Page9computer) September 15, 2020
$SUSHI has dented DeFi and tarnished the crypto space. DeFi was clearly in a bull market before SUSHI stepped in.

It would be interesting to see what they do going forward. If you have any views on SUSHI, leave them in the comment below.

Till then, take care.
Regards
Yellow

#sushi #sushiswap #buyback #defi #fail #crypto #finance #sushisaga
4 years ago in HODL by
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     4 years ago  

    Congratulations @yellowdoodle! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

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     4 years ago  

    oh cool
    I'm loving it!

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     4 years ago  

    Well done @yellowdoodle! Looking forward to the next 10!