This Altcoin Could Yield 10X Returns, Says 10x Research By Benzinga

A recent research report by 10x Research has identified SUI (CRYPTO: SUI) as a potential high-growth cryptocurrency due to its rising Total Value Locked (TVL) and upcoming developer event, SUI Basecamp 2024. The SUI Network's layer-1 blockchain platform is designed for fast and scalable smart contract execution, and its TVL has reached a new high of $650 million. The report suggests that SUI is undervalued compared to its TVL, with a potential upside of over 10% from its current price of $1.71.

SUI: A Promising Layer-1 Blockchain with High-Growth Potential

A recent research report from 10x Research, led by Head of Research Markus Thielen, identified SUI (CRYPTO: SUI) as a cryptocurrency with significant potential for growth. The report cites several factors driving this bullish outlook, including rising Total Value Locked (TVL) and an upcoming developer event.

SUI Network: Optimized for Speed and Scalability

SUI Network is a layer-1 blockchain platform designed to facilitate fast and scalable smart contract execution. This is achieved through features such as parallel transaction processing and horizontal scaling, enabling faster deployment of smart contracts and higher transaction speeds compared to other blockchain networks.

Positive Indicators for SUI

Rising TVL: SUI's TVL, which measures the total value of crypto assets locked in DeFi protocols on the network, has surged to a record high of $650 million. This growth suggests increased adoption and the potential for further token price appreciation.

Undervalued Potential: The research report suggests that SUI is undervalued relative to its TVL. If the token price were to align with its implied valuation based on TVL, it could reach approximately $1.90, representing an upside of over 10% from its current price of $1.71 (as of March 26, 2024).

SUI Basecamp 2024: Catalyst for Momentum

The highly anticipated developer conference, SUI Basecamp 2024, scheduled for April 10-11 in Paris, is expected to generate positive momentum for the token. Historically, such events have been associated with price increases due to the potential for announcements and developments.

Areas for Improvement

While the report acknowledges the potential of SUI, it also highlights some areas for improvement. The current concentration of validator nodes in Germany and the U.S. indicates the need for a wider geographical distribution. Additionally, the circulating supply of SUI tokens is expected to double in April 2024 due to a Series A funding round. However, the report suggests that this event may be well-priced in by the market and could be accompanied by positive announcements.

The Benzinga Future of Digital Assets Event: Insights and Opportunities

The Benzinga Future of Digital Assets event on Nov. 19 will provide investors with a valuable platform to gain insights into emerging blockchain technologies, DeFi trends, and high-growth potential cryptocurrencies like SUI. Attendees will have the opportunity to connect with industry experts, explore investment opportunities, and stay abreast of the latest developments in the digital asset space.

Disclaimer:

Benzinga does not provide investment advice. All rights reserved.