In this analysis, I will answer this question: Does the price of the Sushi token tend to follow the trend of the rest of the market? Does the price follow the trend of the rest of the DEXs? Why or why not might this be?

To answer the first part of the question, I compare Sushi price with BTC and ETH price as according to https://coinmarketcap.com/, BTC and ETH account for 41.9% and 17.3% of the market cap.

To answer the second part of the question, I compare Sushi price with UNI, CRV as according to https://defillama.com , they are top DEXes token.

From the first line chart, the price of Sushi token shows a similar trend as BTC and ETH price. In my opinion, SUSHI only accounted for 0.03% of the total market cap (Sushi’s market cap is $563,056,540 & total market cap is $1,787,132,891,551 - https://coinmarketcap.com/) so it is understandable that Sushi token has to follow the trend of the market.

From the second line chart, the price of Sushi token shows a similar trend as the rest of the DEXes. In my view, although UNI, CRV can be considered as competitors of SushiSwap, all of them are subject to the influence of the DEXes market. For instance, when new policies are issued to prevent the operation of virtual currency or the operation of ANM, no matter how good Sushi team/development plan is, how low the transaction fee is, there is no room for SushiSwap to grow when users lose trust/are not allowed to make transactions on DEXes.