SUI Price Reaches Record High – Is $100 Within Reach?
Blockchain activity has propelled SUI price to a new all-time high of $2.30. Find out more about its surge in this update.
SUI, a cryptocurrency that has gained significant attention for its blockchain capabilities, has skyrocketed to a new peak of $2.30 on Monday. The surge in on-chain activity and increased interest in SUI’s capabilities have been the driving factors behind this price surge.
Although the price dipped slightly to the low $2.20s due to profit-taking, the overall upward trend remains strong. Investors are closely monitoring SUI, as it continues to be one of the top-performing cryptocurrencies in the market.
SUI has experienced remarkable growth, surging over 4 times from its lows of under $0.50 in August. According to CoinMarketCap data, it has surged more than 120% in the last 30 days, bringing SUI’s market capitalization to just over $6 billion.
The surge in SUI’s activity can be attributed to the growing popularity of meme coin trading, which has resulted in on-chain trading volumes of around $200 million in recent days, as reported by DeFi Llama. This spike in activity has also propelled SUI’s total value locked (TVL) to a record high of $1.13 billion, marking a significant milestone for the blockchain.
As SUI’s network gains momentum, comparisons with larger platforms like Solana are becoming more frequent. While Solana currently has a market cap of $71.7 billion, significantly higher than SUI’s $6 billion, when considering fully diluted market caps, which account for all potential tokens in circulation, Solana’s $90 billion valuation is only about four times larger than SUI’s.
The recent surge in SUI’s price has led some to question whether it can realistically compete with Solana in the future. Some doubts have been raised about SUI’s potential and concerns about insider token dumping, similar to challenges faced by other inflationary tokens like Arbitrum and Worldcoin.
However, SUI’s technical strengths may give it an edge. SUI employs a parallel transaction execution system and an object-based model, which enhances scalability and minimizes bottlenecks. This design makes SUI potentially more reliable during periods of high demand compared to Solana’s Proof of History (PoH) system, which has contributed to network congestion and outages.
While surpassing Solana is no easy feat, SUI’s architecture could position it as a strong contender in the high-performance dApp space. SUI’s system allows unrelated transactions to be processed simultaneously, boosting its reliability under heavy load. This advantage could attract developers building decentralized applications (dApps), expanding SUI’s ecosystem and increasing its potential to compete with Solana over time.
Some speculate that SUI could eventually reach $100 if it continues to gain momentum as a leading blockchain for trading and dApps. However, achieving this would require SUI to overcome competition from well-established networks like Solana and Ethereum. Nonetheless, SUI still holds significant upside potential, with a more realistic estimate suggesting a 5-10x return during the ongoing bull market.
Investors seeking even larger returns in the range of 50x may need to explore newer and smaller projects with high potential. One such project is Meme Bets (MEMEBET), a new meme coin that has caught the eye of the Cryptonews team. Crypto presales also offer potential gains for investors.
Disclaimer: Cryptocurrency is a high-risk asset class, and this article is for informational purposes only and does not constitute investment advice. Capital loss is possible.