SUI Continues Bullish Run, Surges 45% In The Past Week What Next?

The interest rate cut by the US Federal Reserve has been one of the biggest stories in the crypto space this week, with most large-cap assets making something of a recovery in the past few days. As a result, Sui (SUI) is one asset whose price performance has largely gone under the radar in the last seven days. SUI Price Overview As of this writing, the price of SUI stands at $1.50, reflecting a more than 7.5% increase in the past 24 hours. This impressive single-day performance highlights the bullish momentum that the token has been enjoying over the past few weeks. The Sui token ranks amongst some of the best performers in the top 100 largest cryptocurrencies by market capitalization in the last seven-day period. According to data from CoinGecko, the altcoin is up by nearly 45% in the past week. Related Reading: Grayscale XRP Trust Surges 11.44% One Week After Launch, Heres The Catalyst Interestingly, price action data shows that SUIs hot streak is even more impressive on broader timeframes. Having started September consolidating around the $0.8 region, the token didn’t breach the $1 mark until about two weeks into the month. However, SUI didn’t take as much time to cross the $1.5 level, another major price landmark. Much of this positive performance can be attributed to the recent attention and adoption of the Sui blockchain in recent weeks. On September 17, Sui network revealed in a post on the X platform a notable partnership with Circle. The stablecoin providing is expanding USDC issuance to the layer 1 blockchain. This development is expected to boost liquidity and attract more users to the Sui network. Is $1.80 The Next Stop? As of now, the SUI token seems to be hovering around the psychological $1.5 region which doubles as a major resistance zone. However, a convincing break above this level could mean a journey up to $1.80, where the next resistance level lies. In the case that the break above $1.5 is a fake out, the SUI token could fall to the next support level at $1.0125. It is worth noting that the relative strength index (RSI) indicator, which measures the momentum of a trend, is currently in the overbought region. Related Reading: Bullish Analyst Sees Cardano (ADA) Rising 13% As Key Indicator Signals Buy When the RSI value is above 70, it implies that the tokens price may be gearing for a correction or even a trend reversal. This observation suggests that investors might want to tread with caution, as the SUI token may just be overvalued at the moment. Nevertheless, the rising open interest has continued to fan the flames of bullish sentiment for SUI. According to data from Coinglass, the tokens open interest stands at around $383 million, reflecting an almost 9% increase in the past day. Featured image from Unsplash, chart from TradingView

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Grayscale introduces Bittensor and Sui trust products

Grayscale has added the Bittensor protocol and the Sui network to its list of crypto investment products.

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Major crypto projects to unlock $755M in July

About $755 million in crypto assets from AltLayer, Arbitrum, Optimism and other projects will be released in July as their vesting period concludes.

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Can SUI Hit $8.57 in 2025? Bullish Forecasts and Institutional Backing Fuel Rally

SUI is currently trading at $3.89 and has gained 2.63% in a day with a high 24-hour volume of $1.68 billion, representing a 54.37% increase. The token is down by 1.37% in the last week, symbolizing a short-term correction in the midst of a larger bullish scenario. Technical analyst CurrencyWeirdo noted that SUI saw a […]

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Ledger Live Enables Self-Custody for SUI and Sui Tokens

Ledger Live now integrates SUI and Sui tokens, offering Ledger users enhanced self-custody options with features like Clear Signing and expanded access to the Sui ecosystem. (Read More)

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Sui Foundation denies it sold locked staking rewards on Binance

Sui Foundation — the team behind the Sui network and its native SUI token — has denied allegations that the firm unlocked SUI staking rewards and “dumped” them on cryptocurrency exchange Binance . The Foundation knocked back the claim in a five-part Twitter thread on June 27, stating that none of the locked or non-circulating tokens, including [...]

The post Sui Foundation denies it sold locked staking rewards on Binance appeared first on Crypto Breaking News.

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Sui Foundation Refutes Claims Of Dumping Locked Staking Rewards On Binance

The team behind the Sui network and its native SUI token has taken to Twitter to deny allegations of selling locked staking rewards on Binance. Word on the street is that the team moved a huge amount of locked staking rewards and dumped them on Binance to cash in. Sui Foundation Denies Selling Locked Staking [...]

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Everything You Need To Know About the SUI Airdrop

This article is all about the SUI Airdrop that could make you rich. Let's take a look at it in more detail.

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What Is Sui (SUI) Network?

[toc] What Is SUI? Sui (pronounced “Swee”) is a decentralized Layer 1 proof of stake blockchain, meaning it serves as the foundational infrastructure for verifying and processing transactions, similar to Bitcoin and Ethereum. Layer 1 blockchains are the backbone that supports a specific token or a network of different tokens.  Sui was developed by Mysten Labs, a group of former Meta employees. It is designed to limit how long it takes to execute smart contracts and support scalability for decentralized applications (dApps). The network believes it has cracked the code on smart contract execution in terms of speed, high security, and low gas fees. This is possible because of the programming language it was designed with called “Move”. Move is a Rust-based programming language that prioritizes fast and secure transaction executions. According to the whitepaper, the network is named after the element water in Japanese philosophy, a reference to its fluidity and flexibility that developers can use to shape the development of Web3. The network is focused on low latency and super scalability. This has seen it termed by supporters as the Solana Killer. Related Reading: Solana Meme Coin Season: A Guide to Buying, Trading, And Profiting From SOL Tokens The Sui project was announced by Mysten Labs in September 2021, and in December 2021, Mysten Labs invested $36 million into the project. This was followed by a $300 million series B announcement led by a $140 million commitment by FTX in 2022, valuing the startup at $2 billion. Reasons Why Sui Network Was Created In the words of Sui Co-Founder and CEO, Evan Cheng, the current Web3 infrastructure is slow, expensive, and notoriously unreliable. Given this, Cheng said the network was created to change the Web3 game with some 5G level upgrades that would allow developers to create blockchain-powered applications with scalability that you can only associate with centralized technology hubs that dominated Web 2.0.  In other words, the Sui network was created to solve Web3 problems by simplifying and improving the creation of various applications and functions in the Web3 ecosystem, solving the most common problems in the Web3 industry: speed, security, and stability. How Does The Blockchain Work? Sui operates as a Layer 1 blockchain focused on optimizing fast blockchain transfers. It places a high level of importance on immediate transaction finalization, making Sui an ideal platform for on-chain applications such as decentralized finance (DeFi), gaming, and other real-time use cases.  Unlike the existing Layer 1 blockchains where transactions are added one after the other, which makes it slow as more transactions are being added to the blockchain, Sui does not make every transaction go through all the computers in the network. Instead, it picks the relevant part of the data it needs to check, which eliminates the problem of congestion on the blockchain and drastically reduces gas fees to carry out transactions. The Sui network uses a permissionless set of validators to reduce latency and a protocol called the Delegate Proof of Stake system. It has epochs (each consisting of 24 hours), during which Sui holders select a set of validators with whom they store their staked tokens. The validators are then in charge of transaction selection and approval. Related Reading: How To Buy And Trade Tokens On The SEI Network Who Are The Brains Behind The Sui Network? Co-Founder and CEO Evan Cheng: Cheng previously worked at Apple for 10 years, and he was also the former Head of Research and Development at Novi and Technical Director of Meta.  The Chief Scientist George Danezis: Former researcher at Novi, Meta, and previously worked at Chainspace, Microsoft. Adeniyi Abiodun, CPO: Former Head of Product Development at Novi, Meta. Previously worked at VMware, Oracle, PeerNova, HSBC, and JP Morgan. Kostas Chalkias: Former leading cryptographer at Novi. He previously worked at R3, Erybo, Safemarket, and NewCrypt. Sam Blackshear, CTO: Former Chief Engineer at Novi, specializing in the Move programming language. Investors and Institutions Backing The Network Sui was valued at $2 billion after FTX Ventures committed $140 million to the project. However, Sui also has other credible investors who also committed, like Binance Labs, the largest centralized crypto exchange by daily trading volume, and Coinbase Ventures, the largest crypto exchange in the United States. Other investors included  Franklin Templeton, a global leader in asset management with more than seven decades of experience, and Jump Crypto, an experienced team of builders, developers, and traders. Apollo, Lightspeed Venture, Circle Ventures,  Partners, Sino Global, Dentsu Ventures, Greenoaks Capital, and OLeary Ventures also invested in the blockchain. Uses of Sui Coin SUI coin plays a crucial role within the ecosystem and serves various functions: Governance: Sui coin holders can participate in governance decision-making, which includes parameter adjustments, protocol upgrades, and other key network changes. This means SUI holders have a say in the direction and development of the Sui Network.  Transaction Fees: SUI coin is used to pay for transaction fees within the network. The coin acts as the medium of exchange to cover all associated fees, whether you are interacting with smart contracts, transferring assets, or participating in any Sui on-chain activity.  Utility: The native coin will be used in various decentralized applications (dApps), gaming applications, and other projects built on the network. It will be used to purchase in-game accessories and NFTs.  Staking: Staking SUI coin helps network security and consensus. SUI coin holders who stake their coins are being rewarded and given incentives for participation and engagement.  Investment: Investors can buy and hold or trade SUI coins as an investment on centralized exchanges, just like Bitcoin, Ethereum, Solana, Cardano, BNB, and all other blockchains with good use cases. Related Reading: What Is Kaspa (KAS) Blockchain? Sui Network Plans To Improve The Web3 Ecosystem  Transaction Speeds Sui Network aims to solve the slow transaction problems on Web3. The network was built on a Rust-based programming language called Move, which prioritizes fast and secure transaction executions. Transactions on the Sui network are validated in epochs of 24 hours, each epoch can be validated independently rather than in blocks like its done on traditional blockchains.  The parallel execution of transactions increases Sui network transaction speed to 297,000 transactions per second and 400 milliseconds time of finality compared to Ethereum’s 20 transactions per second and 6 minutes time of finality or Solana’s 10,000 transactions per second and 2.5 seconds time of finality. Focus On Web3 And Asset Ownership The Sui network is focused on improving Web3 and Web3 experience by catering to the needs of millions of users, which includes speed and security. Sui allows users to create, upgrade, and deploy decentralized applications and non-fungible tokens (NFTs) Scalability Sui Network aims to make Web3 more scalable through parallel processing or execution. This means that the Sui network identifies independent transactions and processes them simultaneously. The implication is that transaction times are reduced, and it accommodates larger transactions loaded per time. It is made possible because of the Sui implementation of the Move programming language and the Narwhal-Bullshark-Tusk Consensus algorithm, which focuses on the details of a transaction rather than the entire chain of transactions. The Tokenomics Of SUI coin Sui’s native token is called SUI, which has several use cases. According to Coingecko, the max and total supply of SUI is capped at 10 billion coins with a current circulating supply of 1.2 billion, and it is ranked number 48 based on market cap value.  Related Reading: WHAT IS XRP LEDGER (XRP)? A share of the total supply of SUI was made liquid at the launch of its mainnet on May 3, 2023. Sui’s all-time high was on the day it was launched at $2.16. However, it is currently trading at $1.51, which is a 320% pump from its all-time low of $0.364 last year on October 19. The tokenomics included 6% going to its Community Access Program and App Testers, 10% of the supply went to the Mysten Labs Treasury, 14% went to its Investors, and 20% went to Early Contributors. The vast majority of the supply, 50%, is kept in its Community Reserve. The purpose and distribution of the Community Reserve include a Delegation Program, Grant Programs, Research & Development, and Validator Subsidies, as shown in the illustration below: Only about 5% of SUI coins were already in use when the Sui Mainnet launched, while the rest will be gradually released according to their planned schedule, as shown below: Related Reading: What Is Sei (SEI) Network? Conclusion Sui Network aims to improve Web3 by giving every Web3 user a much better Web3 experience without the struggles of slow transaction speeds. The network uses parallel execution for transactions to ensure lightning-fast speed, high security, and low gas fees.

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Sui Token Twist: OKX, Bybit, & Kucoin Offer Subscription Mechanism Instead Of Airdrop

Three major cryptocurrency exchanges, OKX, Bybit, and Kucoin, made an exciting announcement earlier today. According to their official statements, they will soon be adding Sui Token to their list of supported cryptocurrencies.  Instead of opting for an airdrop, these exchanges will implement a token launch subscription mechanism. The exchanges have already revealed the token sale […]

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SUI Records Substantial 120% Price Surge, But Insider Selling Claims Raise Red Flags

Layer 1 blockchain protocol Sui (SUI) has made headlines recently, recording an impressive 120% increase over the past 30 days, allowing the protocols native token SUI to outperform the top 10 largest cryptocurrencies on the market, culminating in a new all-time high of $2.35 on October 13.  However, since this peak, the token has retreated by nearly 5%, largely due to growing concerns over allegations of insider selling among the project’s stakeholders. Can SUI Match Solana’s Success? Market expert LightCrypto took to social media platform X (formerly Twitter) on Sunday to express his skepticism about the sustainability of SUI’s recent gains. In a lengthy post, he noted SUI’s substantial rise, which has quintupled from its previous lows of $0.5 on August 5, amid the broader market crash that occurred that day.  While the market appears to be eager for new winners, with macroeconomic conditions pointing to further price gains, LightCrypto raised two critical points that could undermine SUI’s upward trajectory.  Related Reading: Dogecoin Buy Signal Hints At Upside As Funding Rate Keeps Rising Firstly, the expert questioned the rationale behind SUI’s current $23 billion fully diluted valuation (FDV), particularly when compared to Solana’s $73 billion according to Coingecko data.  LightCrypto argued that it no longer makes sense to assume SUI can replicate Solana’s success, especially given that it currently trades at just a quarter of Solana’s market valuation.  The expert further challenged the community to articulate a compelling risk-reward scenario that justifies such a disparity, asking whether SUI has demonstrated even a fraction of Solana’s potential. Potential Market Correction Looms Secondly, LightCrypto alleged the worrying trend of insider selling, indicating that insiders, including what is believed to be a large endowment fund, have dumped around $400 million in tokens during the recent rally.  The expert noted that this selling trend has not only occurred at higher price levels, but has also been ongoing since much lower valuations.  Ultimately, LightCrypto believes that the acceleration of these sales may create a disconcerting atmosphere for retail investors, who may be buying tokens from those best informed about their true value. Related Reading: Why Isnt XRP Price Moving? Crypto Pundit Claims The Answer The implication is stark: as these supposed insiders cash out while retail investors chase momentum, the potential for a market correction looms large, potentially threatening the token’s current rally.  Despite these allegations, SUI, currently trading at $2.24, continues to see significant investor interest in the token, with trading volume up 36% in Sunday’s session, valued at approximately $1.7 billion.  Furthermore, regardless of LightCrypto’s troubling findings, corrections are normal after a token hits a new record high, with the clear example of Bitcoin (BTC), which has been unable to come close to that level since hitting a new record high of $73,7000.  What is certain is that if the expert’s claims prove to be true, it could further exacerbate a potential correction in the SUI price, with the first major support level for bulls being the $2.046 area.  Featured image from DALL-E, chart from TradingView.com

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SUI price rally sparks $400M insider selling allegations

Despite the concerns, the SUI token staged an over 120% rally in the past month.

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SUI Price Plummets By 38% In 7 Days – Will It Recover Anytime Soon?

The price of SUI has experienced a significant decline in the past week, dropping by 38.13%. In the last 24 hours alone, the price has fallen by 21.51%. However, there is a glimmer of hope as the price slightly increased by 1.53% in the past hour. Currently priced at $0.58 per SUI, the token is 61.12% below its all-time high of $1.50. The question now remains whether SUI can regain its footing and initiate a recovery. SUI Coin Faces Bearish Pressure  The global crypto market cap has dropped below $1.10 trillion again, leading to a negative trading sentiment across most cryptocurrencies. SUI coin, in particular, has experienced a significant decline of over 10% in the past 24 hours, with its price falling below $0.70. The asset’s technical analysis suggests a bearish trend, characterized by high selling pressure and struggles for buyers to reverse the downward momentum. Related Reading: Cardano (ADA) Faces Obstacles In Reaching Key Level In June – Here’s Why On the 4-hour timeframe chart, the SUI coin has been in a downtrend, seeking stable support. It trades below its short-term and long-term moving averages, with the 50-day MA at approximately $0.837 and the 200-day MA at $1.020. This positioning below the moving averages signifies a consistent decline in the coin’s price, potentially indicating a lack of buying pressure and weakened market sentiment. The immediate support level for the SUI coin is at $0.50, while the resistance level stands at around $0.76. Recent rejection below the resistance level has fueled the downtrend. Furthermore, the Relative Strength Index (RSI) on the 4-hour timeframe chart confirms the bearish sentiment, with an RSI of 17.9 indicating oversold conditions. Sellers currently outnumber buyers, further adding to the downward pressure on the SUI coin. Partnership With Red Bull Racing: Can This Be A Catalyst For SUI Token’s Revival The recent multiyear partnership between Sui and Formula One’s Oracle Red Bull Racing team has the potential to rejuvenate the Sui token price. As Sui becomes the blockchain partner of a renowned and globally recognized racing team, it gains exposure and credibility within the crypto and motorsport communities. This association can drive increased demand for Sui tokens, heightening the token’s value. The collaboration aims to deliver engaging digital experiences for racing fans, creating a loyal user base and bolstering Sui’s reputation. With Red Bull Racing’s previous involvement in the crypto industry, its partnership with Sui signifies a shared interest in exploring the potential of cryptocurrencies and blockchain technology. Related Reading: Bleak Dogecoin (DOGE) Social Sentiment Raises Questions About Price Reversal While the partnership’s success and its impact on the Sui token price depend on several factors, including market conditions and investor sentiment, this collaboration holds promising prospects for the revival of the Sui token. Monitoring future developments and market reactions will provide valuable insights into the effectiveness of the partnership in driving the Sui token’s resurgence. At press time, SUI was trading at $0.5904 with a 24-hour drop of 19.8% in its price.  Featured image from iStock, charts from Tradingview.com

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Sui Network 24H Transaction Volume Plummets 98% To Record Low

The daily transaction volume on the Sui blockchain dropped by over 98%, seven days after reaching a historical peak on July 27. Sui Network is among the newly-launched blockchains that have taken the crypto industry by storm in 2023. Accordingly, the network recorded significant adoption from the crypto community. This resulted in millions of daily […]

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SUI Token Launches Mainnet As Trading Goes Live On Binance

SUI Launches on Mainnet, Token  Drops 30% As Trading Debuts On Binance. SUI, a new cryptocurrency network, finally launched on the mainnet today, sparking the interest of investors and traders alike. SUI was today listed on Binance, with the token surging as high as $2.07 before recoiling back to $1.52 at press time, reflecting a […]

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