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Cryptocurrency News Articles
Sui Crypto (SUI) Is the Solana (SOL) of This Cycle, But Can It Dethrone Ethereum (ETH)?
Sep 26, 2024 at 01:19 am
Right now, SUI is shaking up the blockchain scene, vaulting into the spotlight among the top 100 digital assets. With a monthly leap of over 65%, it's making most crypto investors want to ape in and establishing itself as a heavyweight in the Layer 1 blockchain arena.
Rising crypto star SUI is making waves, sparking comparisons to Solana’s 2021 performance. With a 65% monthly gain and a place among the top 100 digital assets, SUI is grabbing attention.
But what’s driving this impressive surge? And why are investors eyeing SUI as the next big thing? Let’s dive in.
A Closer Look at SUI's Surprising Ascent
Charting a unique path in the crypto landscape, SUI is notably countering the broader market trend. While most cryptocurrencies are logging losses, SUI is bucking the downturn with a surprising upswing.
This performance is largely attributed to the бурное развитие DeFi activity on the Sui blockchain. With total value locked surging in the 900 million dollar range, Sui is becoming a major battleground for DeFi traders.
Moreover, the blockchain can theoretically handle up to 297,000 transactions per second, putting Solana’s 65,000 TPS benchmark to shame. However, in terms of daily average TPS, Solana still maintains the upper hand.
Another interesting observation is the capital outflows from Ethereum into Sui, which 99Bitcoins attributes to investors who may have missed out on the Solana trade. Additionally, Grayscale’s new SUI Trust is also generating interest among accredited investors.
However, one challenge that SUI may encounter is its limited token supply, with only 27% having been released since the May 2023 debut. This tight leash on the remaining 73% could potentially lead to a sharp sell-off once more tokens unlock. In comparison, Solana has about 80% of its supply on the market, creating a steadier flow of tokens.
SuiPlay0x1: Leveling Up Gaming with NFTs
Next year, Mysten Labs is set to introduce the SuiPlay0x1 console, which will feature an exclusive “NFTernals” program. This initiative will reward users with unique NFTs and other incentives, potentially boosting SUI's popularity.
K33 Research’s DeFi analyst David Zimmerman likens this venture to Solana’s Saga (and new Seeker cellphone) device, which airdropped NFTs to early adopters.
While we at 99Bitcoins believe that Sui is the Solana of this crypto cycle, dethroning Ethereum or SOL doesn’t seem possible—at least for now.
However, it could be a top ten cryptocurrency by the end of this cycle (we estimate around mid-2025).
Disclaimer:info@kdj.com
The information provided is not trading advice. kdj.com does not assume any responsibility for any investments made based on the information provided in this article. Cryptocurrencies are highly volatile and it is highly recommended that you invest with caution after thorough research!
If you believe that the content used on this website infringes your copyright, please contact us immediately (info@kdj.com) and we will delete it promptly.
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