Well, folks, it seems that we are dealing with crypto superstar, isn’t it? Sui (SUI) is making headlines before you can say ‘blockchain,’ with an unbelievable 15. In just 24 hours, you can increase your sales by 41% of the previous day’s sales. It has been trading at a cool $1. 38, this digital dynamo is creating ripples and cleaning the wallets across the crypto space.
Well, let’s do the maths, shall we? As of this writing, Sui’s market capitalization is now an astounding $3,691,452,835, making the token rank 25th among the largest cryptocurrencies in the world. What is like going from flipping burgers to suddenly being in charge of the whole restaurant the very next day. And this – the trading volume has increased by 23%. Up to 08% within one day from $855671504. It is apparent that everyone, from the man on the street to his grandmother who now knows what a cryptocurrency is, wants to get a slice of the Sui cake.
Now, let’s talk tokenomics. There are currently about 26% of SUI tokens floating in the market that is 2,679,963,750 SUI tokens in circulation. It is distributed in proportion to their investments with 80% of the entire token supply of 10,000,000,000 SUI. Yes you heard right, the maximum total supply of tokens is set at 10 billion. In crypto language, that is akin to saying, “We have enough tokens to host a blockchain party, and everybody is welcome!”
But what people are most eager to know is what has made Sui so popular? Is it just another example of the ‘crypto hype’, or is there more to this relatively sudden and rapid growth? It is always difficult to identify exact causes in the volatile field of cryptocurrency; however, some have attributed it to Sui’s rather niche market.
In fact, Sui is not just another blockchain project that you may come across on the Internet today. These people are working to develop a performance-oriented, elastic, and secure smart-contract platform that is targeting to address some of the most critical challenges in the blockchain space. In the world where time is of the essence and gas fees are capable of making one cry, Sui’s assurance of fast transactions and little fees will be music to many crypto users’ ears.
Just imagine – what if you can get the best of both worlds – centralized exchange, which are fast and effective as well as decentralized finance that is secure and transparent? That is the goldilocks Sui is targeting to achieve. It’s like they have taken the best of the crypto world and merged it into one blockchain flavoured milkshake that is as invigorating as it is possibly lucrative.
Of course, as with any investment, especially in such a young and unregulated field as crypto, it’s crucial to be careful. Crypto market is as volatile as a Jenga tower during an earthquake. The up today may not be up tomorrow and the down today may not be down tomorrow. Therefore, though Sui has impressive results in the last period, it is always wiser to study the information and invest cautiously.
From the big picture perspective, the recent gains may be the beginning of a love story between investors and high-performance blockchains like Sui. Or they could be a 15 minutes of fame before the next ‘shiny new thing’ gets discovered on the internet. Well, at this point, it is anybodys game. Nevertheless, one thing is certain, Sui has most certainly announce its arrival in the crypto space.
So, what’s your take? Is Sui the next generation of crypto or just another fad that will fade out? As always, only time will tell but this is going to be one interesting space to observe! Perhaps, one day, we will be ordering our coffee and groceries through SUIs as we do now. In the meantime, keep your crypto wallet within reach and your private keys even closer!
In the world of cryptocurrencies, anything can happen so let’s all be cautious and await the outcome. Sometimes, you are at the lowest level of the market while the other times, you are almost touching the feet of Bitcoin. Well therefore, keep your eyes wide opened, your mind thinking and possibly, you might be the next one to ride the next big wave before it breaks. Have a good trade everybody, especially you, people who invest in cryptocurrencies, and may your balances never go down!
