SushiSwap (SUSHI)
Once-prominent fork DEX that lost its narrative, its developers, and its users; no credible recovery path for the token
Ranked 229th of 251 rated tokens. Scoring pass 11 Jun 2026.
What the numbers say
SUSHI scores 74 of 250 across the 25-variable framework, which places it 229th of 251 rated tokens and inside the bottom 10% of the set. The framework verdict is PASS.
Against the same universe, SUSHI sits in the bottom third on Team Execution 2/10, 230th of 251, Treasury Runway 3/10, 226th of 251, Competitive Moat 2/10, 223rd of 251 and Catalyst Calendar 2/10, 222nd of 251. These are the variables that would have to move for the verdict to change.
100% of eventual supply is already circulating, so vesting is not a live risk for SUSHI. Price has to be justified by demand rather than absorbed against a cliff.
SUSHI trades 99.29% below its all-time high of $23.38. Recovering that level is a 140.8x move, not a 99.29% one, which is the arithmetic most drawdown charts hide.
$320.0M sits in the protocol. The token is capitalised below the value locked in the protocol.
25-variable breakdown
Each variable is scored 1 to 10 and ranked against every other rated token, so a 7 that ranks 20th means something different from a 7 that ranks 180th. The rank is the part that is hard to get anywhere else.
Cash flow
| Protocol Revenue | 3 | 98th of 251 | |
| Revenue Trend | 2 | 191st of 251 | |
| P/S Multiple | 4 | 104th of 251 | |
| Real Staking Yield | 3 | 143rd of 251 |
Supply
| Supply Inflation | 4 | 146th of 251 | |
| Vesting Schedule | 5 | 100th of 251 | |
| Circulating / FDV Ratio | 6 | 88th of 251 | |
| Buyback and Burn | 2 | 114th of 251 |
Ownership
| Smart Money Flows | 2 | 217th of 251 | |
| Insider Selling | 3 | 201st of 251 | |
| Holder Concentration | 3 | 197th of 251 |
Traction
| TVL Trend | 2 | 189th of 251 | |
| Active Users | 3 | 149th of 251 | |
| Developer Activity | 3 | 208th of 251 | |
| Network Growth | 2 | 215th of 251 |
Position
| Market Share | 2 | 203rd of 251 | |
| Competitive Moat | 2 | 223rd of 251 | |
| Institutional Adoption | 2 | 192nd of 251 | |
| Exchange Depth | 4 | 157th of 251 | |
| Social Mindshare | 3 | 157th of 251 |
Risk
| Regulatory Safety | 5 | 102nd of 251 | |
| Catalyst Calendar | 2 | 222nd of 251 | |
| BTC Alpha Potential | 2 | 200th of 251 | |
| Team Execution | 2 | 230th of 251 | |
| Treasury Runway | 3 | 226th of 251 |
The vertical tick on each bar marks the median score across all 251 rated tokens, so a bar ending left of the tick is below the universe on that variable.
Catalyst and risk
Next catalyst
Sushi 2.0 multi-chain expansion and Trident AMM adoption
Principal risk
Persistent team turnover, governance dysfunction, and chronic underperformance vs Uniswap make this a structurally broken protocol
Market and supply
| Price | $0.1655 |
| Market cap | $48.1Mrank 460 |
| All-time high | $23.3813 Mar 2021 |
| Circulating supply | 291,514,754 |
| Eventual supply (total supply) | 291,514,754 |
| Dilution to full supply | 1x |
| Total value locked | $320.0M |
| Listed on | Binance, Bybit, Kraken |
Price, market cap, supply and all-time high from CoinGecko, fetched 6 Aug 2026. The 25 scores come from the research pass dated 11 Jun 2026 and don't move with price.
Tokens with a similar profile
These are the closest matches to SUSHI measured on the shape of all 25 variables after removing overall quality, so what they share is a pattern of strengths and weaknesses rather than a similar size or price.
Sources
- [DeFiLlama] SushiSwap TVL has fallen from $6B peak to ~$320M as market share shifted entirely to Uniswap and newer DEXs
- [CoinGecko] SUSHI token is down 99%+ from ATH with multiple head-of-development departures since 2022
- [Rekt News] SushiSwap suffered an $3.3M Mango-style exploit in 2023 highlighting ongoing security and governance failures
Common questions
- What is the Early Thunder score for SushiSwap (SUSHI)?
- SUSHI scores 74 out of 250 on the 25-variable framework, ranking 229th of 251 rated tokens (bottom 10%). The framework verdict is PASS.
- What are the weakest parts of the SUSHI thesis?
- SUSHI scores in the bottom third of the universe on Team Execution 2/10, 230th of 251, Treasury Runway 3/10, 226th of 251, Competitive Moat 2/10, 223rd of 251 and Catalyst Calendar 2/10, 222nd of 251. The single risk carried on the scorecard is: Persistent team turnover, governance dysfunction, and chronic underperformance vs Uniswap make this a structurally broken protocol
- How much SUSHI supply is still to enter circulation?
- 100% of eventual SUSHI supply is circulating today, leaving 1x the current float still to arrive. At a flat price per token that is 0% of fully diluted value ahead of current holders.
- How far is SUSHI from its all-time high?
- SUSHI trades 99.29% below its all-time high of $23.38. Returning to that high requires a 140.8x move from the level used in this scoring pass.
- Which tokens have a similar profile to SUSHI?
- Measured on the shape of all 25 scored variables rather than on price, the closest matches to SUSHI are ANKR (96), BAND (73), CVX (103) and SPELL (63). Similarity here means the same pattern of strengths and weaknesses, not a similar market cap.
- What is the next catalyst for SUSHI?
- Sushi 2.0 multi-chain expansion and Trident AMM adoption
Keep reading
Research and analysis, not investment advice. Scores are one framework applied consistently across 251 tokens, not a prediction of price.