Disclaimer: Information found on CryptoreNews is those of writers quoted. It does not represent the opinions of CryptoreNews on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoreNews covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.
The emerging finance-oriented layer-1 blockchain protocol Sui (SUI) has been experiencing a significant upward trend recently, with the SUI price increasing by 35% over the last week to reach $1.18, according to data from CoinMarketCap.
This rise in the Sui price coincides with a substantial influx of crypto assets into the blockchain.
As reported by DeFi Llama, Sui’s total value locked (TVL) in smart contracts was approximately $740 million, reflecting an increase of $400 million from early August lows of around $340 million.
TVL indicates the USD-equivalent value of crypto assets secured in smart contracts on a blockchain.
An increasing TVL signifies that a blockchain is gaining from heightened adoption.
Adoption of Sui is expected to keep rising. Circle’s native USD stablecoin, USDC, is set to be integrated into the blockchain, significantly boosting its utility for crypto users.
In a statement on X, Circle revealed that Sui would soon be incorporated into the Cross-Chain Transfer Protocol.
1/
We’re excited to announce that native $USDC and Cross-Chain Transfer Protocol (#CCTP) are coming soon to @SuiNetwork!
Explore what native USDC and CCTP will mean for Sui.https://t.co/ctP3iAXcgL— Circle (@circle) September 17, 2024
Macroeconomic factors may also serve as a supportive force for major cryptocurrencies, including Sui.
The Federal Reserve is set to initiate a new cycle of rate cuts today after raising interest rates to multi-decade highs in 2023 to mitigate soaring inflation.
The Fed is anticipated to reduce interest rates tomorrow.
The last time the Fed lowered rates, Bitcoin experienced significant growth
If history is any guide, the next 6-12 months could be remarkable.
h/t/ @milkroaddaily pic.twitter.com/GxNtThDDwS— Lark Davis (@TheCryptoLark) September 17, 2024
Markets may experience some short-term fluctuations amid uncertainty regarding whether the rate cut will be 25 or 50 basis points.
However, the overall trend is evident – lower US interest rates and a more favorable liquidity environment are on the horizon.
If this aligns with a “soft landing” for the US economy (i.e., avoiding recession), it should create a favorable environment for risk assets.
So, what potential does Sui hold?
Is a $10 Sui Price Possible?
With the Sui price firmly above its 21 and 50-day moving averages, a breakthrough above the crucial $1.20 resistance level could trigger a return to yearly highs of $2.17.
Related Posts
This could translate to near-term gains of up to 2x for the cryptocurrency, positioning it as a potentially attractive investment opportunity.
A relatively modest market capitalization of $3 billion indicates substantial growth potential, assuming adoption continues to rise.
If Sui emerges as a leading blockchain, as its supporters anticipate, it could achieve a market cap in the tens of billions.
A $10 SUI price is certainly within the realm of possibility.
However, inflation could pose a significant challenge for Sui. The cryptocurrency’s fully diluted market cap is nearing $12 billion.
This implies that many additional tokens will enter the market in the coming years.
Long-term investors should be cautious of this supply and consider whether the blockchain’s robust fundamentals warrant investment.
Investors may wish to explore cryptocurrencies that launch with more equitable tokenomics than Sui.
For those seeking exposure to projects with 20x+ potential, investigating crypto presales may also be advisable.
A new project in the GambleFi sector called Mega Dice (DICE) is gaining significant attention.
Mega Dice is a new Telegram casino aiming to establish itself as a leader in the industry.
Its successful presales and strong user base indicate it is making considerable progress.
Noted crypto presale analyst Michael Wrubel discusses in the video below why he is optimistic about DICE.
Additionally, fellow YouTuber Crypto Boy elaborates in the video below on why he believes DICE has 100x potential.
Those interested in the rapidly expanding GambleFi sector should explore Mega Dice here.
The post Sui Price Blasts Up 35% After $400 Million Inflow – Is $10 on the Cards? appeared first on Cryptonews.
