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Web 3 Journalist
Tim Hakki
Web 3 Journalist
Tim Hakki
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The $SUI token underpinning the SUI network is closing in on a new all-time high (ATH) today.
In the last 24 hours, $SUI added 5% to trade at $1.55. In general, crypto markets advanced 0.2% and now have a combined market cap of $2.33 trillion, of which $SUI corners about $4.1 billion.
Sui Network’s $SUI blew up an eye watering 39% over the last seven days, which makes it the week’s fastest growing cryptocurrency among the fifty largest layer 1 projects.
Sui Network is currently the 28th biggest cryptocurrency on the market. Among the top thirty, only AI coin Bittensor ($TAO) posted greater appreciation. $TAO rose 81.5% overnight and now trades at $542.
In general, leading AI coins had a really good week, with most projects rising by double-digit percentages.
Meanwhile, the $1.25 trillion cap market leader, Bitcoin ($BTC), couldn’t keep pace.
The world’s largest cryptocurrency rose 1.4% overnight and 8.4% over the week and currently trades at $63,553.
Ethereum ($ETH), the token underpinning the most commercially important blockchain, rose 15.4% over the week to land on $2,651.
Sui Price Analysis: Where’s SUI Heading Next?
Like Solana and Ethereum, Sui Network deploys high-functionality smart contracts, enabling developers to build a world of decentralized applications (dApps) offering services from financial services to gaming.
Sui’s USP is that it processes transactions a lot faster than Ethereum. While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000, thanks to its ability to process multiple transactions simultaneously.
Despite its promise, Sui Network’s support level has been falling steadily throughout the year-to-date and was dragged down significantly by the crypto crash on August 5th.
Since then, rising support (green line) indicates the token has successfully recaptured the psychologically important $1 mark, however, a falling relative strength index (RSI) of 44 indicates selling momentum could consolidate the token above $1.50, which will give it a base to claim a new ATH.
Sui Network ($SUI) last set an ATH of $2.17 on March 27 this year.
At today’s price, it’s about 29% short of setting a new high watermark.
Sui Network and Memebet Casino Signal the Start of AltSeason
Sui Network, Bitcoin, Ethereum and Memebet are four tokens united by one thing: interest in them picked back up after the Federal Reserve’s announcement last Wednesday that US interest rates will be coming back down now that inflation is retreating.
That means borrowing is getting cheaper, which will be turning more investors back towards risk-on assets like crypto and stocks.
One new project, called Memebet, has quietly raised a quarter of a million dollars in its first week of presale thanks to its first-of-its-kind premise: the web’s first online casino where players use meme coins.
The presale launched last week and the $MEMEBET token received over $200,000 in investments in just two days.
With online gambling primed to explode from a $100 billion industry in 2024 to $130 billion within the next five years alongside the growing adoption of crypto, $MEMEBET is positioned to take advantage of both emerging technologies, unlike Sui Network.
$MEMEBET tokens unlock a range of benefits for players, including airdrop rewards, special VIP degen bonuses, and access to the upcoming Memebet Casino Lootboxes, featuring real-world prizes and casino bonuses.
The project also launched a 400 million $MEMEBET airdrop.
To join, simply buy some tokens, wait for the launch of the casino (before the end of the presale), and begin gaming and betting to secure rewards.
Stay updated on the latest Memebet news and developments on X and Telegram.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
