SPELL vs SUSHI
Spell Token and SushiSwap scored on the same 25 variables, ranked against the same 251 tokens, with every gap between them shown.
Scoring pass 18 Sept 2026. Market snapshot 7 Oct 2026.
What separates them
SPELL scores 63 of 250 and ranks 242nd of 251. SUSHI scores 74 and ranks 229th. SUSHI leads by 11 points, which is a real gap, though small enough that one variable moving would close much of it. SPELL takes 0 of the 25 variables, SUSHI takes 11, and 14 are level.
No single variable separates SPELL and SUSHI by as much as 3 points. They are close on the framework's terms, which makes price, liquidity and the supply position below the only grounds for choosing.
Both score 3 or below on Protocol Revenue, Revenue Trend, Buyback and Burn, Smart Money Flows, Insider Selling, Holder Concentration and 13 more. A weakness both sides share is not a reason to prefer either. It is a reason to check whether the category itself carries the problem.
SPELL still has 18.3% of its eventual supply to enter circulation against 1.6% for SUSHI. On the same market capitalisation, a buyer of SPELL is taking the 1.22x dilution path and a buyer of SUSHI the 1.02x one.
SUSHI is valued at $66.7M against $16.0M for SPELL, a 4.2x difference. The larger of the two also scores higher, so the market and the framework agree on the ordering here.
All 25 variables, head to head
Both tokens were scored by the same framework in the same pass, so the numbers are directly comparable. What a comparison adds over two separate pages is the gap: a 6 against a 6 is a non-event, a 9 against a 3 is the reason to hold one and not the other.
Cash flow
| Protocol Revenue | 3 | 3 | level | |
| Revenue Trend | 2 | 2 | level | |
| P/S Multiple | 3 | 4 | SUSHI +1 | |
| Real Staking Yield | 3 | 3 | level |
Supply
| Supply Inflation | 3 | 4 | SUSHI +1 | |
| Vesting Schedule | 4 | 5 | SUSHI +1 | |
| Circulating / FDV Ratio | 6 | 6 | level | |
| Buyback and Burn | 2 | 2 | level |
Ownership
| Smart Money Flows | 1 | 2 | SUSHI +1 | |
| Insider Selling | 2 | 3 | SUSHI +1 | |
| Holder Concentration | 3 | 3 | level |
Traction
| TVL Trend | 2 | 2 | level | |
| Active Users | 2 | 3 | SUSHI +1 | |
| Developer Activity | 2 | 3 | SUSHI +1 | |
| Network Growth | 2 | 2 | level |
Position
| Market Share | 2 | 2 | level | |
| Competitive Moat | 2 | 2 | level | |
| Institutional Adoption | 1 | 2 | SUSHI +1 | |
| Exchange Depth | 3 | 4 | SUSHI +1 | |
| Social Mindshare | 2 | 3 | SUSHI +1 |
Risk
| Regulatory Safety | 4 | 5 | SUSHI +1 | |
| Catalyst Calendar | 2 | 2 | level | |
| BTC Alpha Potential | 2 | 2 | level | |
| Team Execution | 2 | 2 | level | |
| Treasury Runway | 3 | 3 | level |
Bars read outward from the centre: SPELL to the left, SUSHI to the right. The side that leads a variable is filled. Each score is 1 to 10 against the same definition applied to all 251 rated tokens.
Market and supply
| SPELL | SUSHI | |
|---|---|---|
| Price | $0.000093 | $0.2327 |
| Market cap | $16.0M | $66.7M |
| Circulating | 81.7% | 98.4% |
| Dilution to full supply | 1.22x | 1.02x |
| Off all-time high | -99.73% | -99% |
| To recover the high | 370.4x | 100x |
| Total value locked | $85.0M | $320.0M |
| Network | Ethereum | Ethereum |
Price, market cap and all-time high from the CoinGecko snapshot fetched 7 Oct 2026. Supply shares are derived from circulating and eventual supply counts, which do not move with price. The 25 scores come from the research pass dated 18 Sept 2026.
Catalyst and risk on each side
SPELL · PASS
Abracadabra's GLP-collateralized MIM vaults finding yield-bearing collateral niches
Abracadabra was associated with 0xSifu/Wonderland fraud; MIM depegged in 2022; trust permanently damaged
SUSHI · PASS
Sushi 2.0 multi-chain expansion and Trident AMM adoption
Persistent team turnover, governance dysfunction, and chronic underperformance vs Uniswap make this a structurally broken protocol
Common questions
- Is SPELL or SUSHI the better investment?
- On this framework SUSHI scores higher: 74 against 63 of 250, and it is rated PASS against PASS. That is a ranking of fundamentals as recorded at the last scoring pass, not a price forecast, and SPELL still wins 0 of the 25 individual variables against SUSHI.
- What is the biggest difference between SPELL and SUSHI?
- Nothing separates them by more than 2 points on any of the 25 variables, which is unusual and means the two are close substitutes on fundamentals.
- Which is bigger, SPELL or SUSHI?
- SPELL is valued at $16.0M and SUSHI at $66.7M on the latest market snapshot.
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Research and analysis, not investment advice. A higher score is one framework applied consistently to 251 tokens, not a prediction that one asset will outperform the other.