SUI Price Skyrockets 70% – Is It on Track to Surpass Solana?
SUI Price Skyrockets 70% – Is It on Track to Surpass Solana?
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The price of the $SUI token underpinning the Sui Network, a layer 1 Ethereum competitor, blasted up by 70% in the last week, posting the single largest intra-week gains for any of the 100 biggest cryptocurrencies.
Those blistering gains are cooling off now, though. In the last 24 hours, $SUI has fallen about 7%.
Still, the Sui Network token’s overall performance has been far more volatile (and for its holders, exciting), that market leaders Bitcoin ($BTC), Ethereum ($ETH) and Solana ($SOL).
Bitcoin only added 6.6% in the last week, while losing 1.4% in the last 24 hours. Meanwhile, Ethereum, the leading network for blockchain-based commerce, added 7.3% over the week and lost 0.8% overnight.
With a market cap of $2.5 billion, $SUI is unlikely to unseat Solana’s $67.6 billion market cap $SOL as the leading Ethereum competitor.
Some of $SUI’s explosive rally this last week can be attributed to news that digital asset management giant Grayscale has added a Sui Network trust to its suite of investment products.
Sui Network: A Primer and Analysis
Like Solana and Ethereum, Sui Network is deploys high-functionality smart contracts, enabling developers to build a world of decentralized applications (dApps) offering services ranging from financial services to gaming.
However, Sui’s USP is that it processes transactions a lot faster than Ethereum. While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000, thanks to its ability to process multiple transactions simultaneously.
Despite its promise, according to recent performance on the price chart, Sui Network’s support level has been falling steadily throughout the year-to-date and was dragged down significantly by last Monday’s crypto crash.
This week’s blistering rally has brought the token closer to its $1.13 resistance level, although the 24-hour losses coupled with a falling relative strength index (RSI) of 48 indicate moderate-to-heavy selling -— signs that a possible correction is imminent.
As $SUI Moons, Traders Hunt Down Mega Dice
As a layer 1 coin, Sui Network’s price typically moves in line with market leaders Bitcoin and Ethereum. Investors who want to start at the beginning for some potentially blistering returns are better off looking into the native utility tokens underlying crypto’s emerging GambleFi sector.
Mega Dice launched last year as the world’s first licensed crypto casino accessible through the popular messaging app Telegram and has since attracted 50,000 players.
If Sui Network is pioneering parallel transaction processing, then Mega Dice is leading the field in GambleFi.
Mega Dice’s new $DICE turbocharges the online casino’s services to a whole new level. As the platform’s native utility token, players can use $DICE to fund games and receive payment, with some games requiring it.
Haven’t bought $DICE yet? Follow the link below to buy in a few easy steps – not convinced, view our reasons below ⤵️
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Here’s why $DICE is set to become the leading GameFi token, outpacing all… pic.twitter.com/Y3KZDxmkHH — Mega Dice Casino (@megadice) July 31, 2024
$DICE is also integrated into the casino’s loyalty program, offering more generous rewards and exclusive competitions and experiences to users. It’s the only GambleFi coin that distributes a share of profits to its users on a daily basis through its novel staking system.
The casino’s buyback and burn program reduces the supply, increasing scarcity and helping stabilize value better than the unpredictable price swings of meme coins like Pepe.
In sum, $DICE is on a roll. Given the multiple ways investors can put their DICE to work, it’s obvious why fans of Sui Network are stacking Mega Dice.
Don’t miss out.
Buy now on the Mega Dice website.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.