Sui and its similarly named cryptocurrency have been quickly rising in the crypto ranks. Every once in a while, a relatively new blockchain rapidly gains popularity, becoming one of the top 50 blockchains by marketcap. Sui fits this description, and is on track to be one of the best performing networks and cryptocurrency in the net bull run, hence prompting an in-depth analysis.
What is Sui all about?
Sui is a layer 1 blockchain network just like the likes of Ethereum and Solana. Speaking of, it was designed as a Solana killer. This means it aims to be a high throughput network that builds on the shortcomings of its rival networks or improves upon their offerings.
For example, It boats of a transaction throughput of over 291,000 transactions per second, making it significantly faster than Solana. It is also a low-latency network with a 400 millisecond average transaction finality.
Sui is thus well adapted for mass consumer adoption. However, its speed and Solana killer status are not the only reasons why it is noteworthy. Remember that one time Facebook attempted to dabble into blockchain through a project called Libra? It turns out that the Libra team are the same people that created the Sui network.
Libra may not have achieved the success they hoped but this does not necessarily reflect negatively on the team. This is because the same team are also behind the Aptos network which is currently one of the most successful blockchains.
Tokenomics and marketcap
It currently has a $4.68 billion marketcap, with $17.59 billion fully diluted marketcap. Its native token SUI has a maximum supply of 10 billion coins. Roughly $2.67 billion coins are currently in circulation. The coin has a variety of uses including staking, governance and paying for gas fees within the network. SUI was the 21st largest cryptocurrency by marketcap on Coinmarketcap.
SUI price action
SUI is one of the best performing top coins in the last 2 months. It recently peaked at $1.85 after rallying by almost 300% from its August low of $0.46. This is the second time that the coin has demonstrated its ability to bounce back strong after a lengthy bearish period.
The cryptocurrency has been available since May 2023, after which it crashed below $0.40 in October 2023. This was followed by a 500% plus rally to its current all-time high of $2.18 towards the end of March 2024. The coin’s latest rally is an attempt at recovery from the dip which lasted from March to August 2024.
SUI exchanged hands at $1.73 at the time of writing, and was only another 25% rally away from hitting a new ATH.
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SUI price prediction
SUI is already well into the top 30 blockchains and cryptos, with no signs of giving up the current momentum. Nevertheless, it was deeply overbought at press time, which means it is susceptible to some sell pressure in the coming days.
Regardless, the blockchain has ambitious goals which include taking on Solana and the top cohort of blockchains. It managed to achieve over $4 billion marketcap with ease and in a relatively short amount of time.
If Sui maintains its current trajectory, it could easily push towards the top 10. This accelerated pace of growth makes the cryptocurrency quite attractive. Its rival Solana currently has a $73 billion marketcap. SUI will be worth $3.7 at the time it reaches a $10 billion marektcap at its current circulating supply. A $50 billion marketcap would be put its price in the $18 price range.
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Conclusion
SUI targets main WEB3 segments that generate robust growth, such as gaming, commerce and DeFi. Its robust transaction throughput, low latency and low fees may contribute to its attractiveness. However, it remains to be seen how well this upcoming network will fair in the big leagues, therefore, it will be one of the networks we will observe closely.
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