The Cetus token is emerging as one of the top performing tokens in 2024 judging by its price performance. But before we get into the details, it is important to look at some of the key details including its background and utility.
Cetus token is the native coin on the Cetus protocol, a top decentralized exchange on the Sui blockchain. The latter has been making its way up on the list of top blockchains based on key performance metrics such as TVL and market cap, largely courtesy of explosive growth in network adoption.
Sui’s performance therefore means there are many opportunities for investors in its ecosystem. Cetus token is right up there because as a DEX token, it is strategically positioned to benefit from the budding ecosystem. The token’s performance perfectly encapsulates this point
Cetus token historic price action
While the Cetus token recently started trading on some major exchanges such as Binance. This means it has recently been accessing more liquidity and this was evident in its recent performance. It has been around since the tail end of 2023 on exchanges like Bitget. This means its price action profile has enough data for analysis.
The Cetus token had its lowest 2024 price at $0.032 on 5 August. It recently went as high as $0.456 on 8 August, which is currently its highest price in its price history. In other words, the DEX token has so far rallied by 1,127% from its lowest point to its highest point in 2024.
Cetus had already pulled back to a $0.371 press time price level indicating a significant amount of profit-taking. The token was extremely overbought at its recent peak. But how far can it really go?
Cetus tokenomics and use cases
The Cetus token had a $218.59 million market cap at the time of writing and a maximum supply of 1 billion tokens. Its current circulating supply was slightly above half of its max supply at 588.28 million.
The token has multiple use cases within the Cetus protocol. The most notable one is payment and settlement, thus eliminating the need for third-party services. It is also used to incentivize network participation through rewards. Speaking of, the Cetus token is also used for liquidity mining and governance.
Given the significance of the Cetus Protocol in the Sui network, once can conclude that its marketcap was still relatively low at the time of observation.
Cetus token price prediction
A $1 billion market cap is often a great yard stick for evaluating potential price levels. The Centus protocol is on track to take advantage of Sui’s growing popularity and usage. If it maintains this trajectory into the most active days during the next major bull run, then it is possible that Cetus could soar above a $1 billion market cap.
Assuming that the current circulating supply remains constant, the Cetus token will be worth $1.79 by the time it reaches a $1 billion market cap. This would be equivalent to a $378% gain from its press time price level.
The token will still be worth $1 on a fully diluted basis by the time it soars to a $1 billion market cap. Such an outcome would deliver a 167.38% gain from its press time price zone.
Conclusion
Based on its recent performance, it was clear that the Cetus token has been flying under the radar but price has been enjoying exponential growth as more people discover it. The fact that its only now making its way onto major exchanges also contribute to a surge in liquidity.
This token may still offer a lot more potential upside but the overbought nature also suggests that major pullbacks are to be expected. As always, the information presented does not constitute financial advice and is for educative purposes only.
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