Oh, oh, oh! What is this now? This seems like Sui (SUI) is having its fair share of the crypto sun! This cute little token has been skyrocketing higher than a squirrel on a tree within a month with an astonishing 15. An increase of 41% in the last 24 hours. Currently trading at $1. 38, SUI is creating quite a stir in the crypto world, and rightly so.
So, without further ado, let’s go to the numbers, right? Sui’s market cap has now reached $3,691,452,835 putting it in the 25th position on the list of popular cryptocurrencies. That is like going from the level of the minor leagues to the World Series within a season. Trading volume has also increased significantly rising by 23%. Increased by 08% to $855,671,504 in the last day. This could be likened to traders swarming over SUI similar to seagulls over a piece of ice cream that has been spilt on the beach.
Now, let’s talk supply. As of now, there are 2,679,963,750 SUI tokens in supply and it is around 26%. The presale reserved 80% of the total circulating SUI tokens which is a total of 10,000,000,000 SUI tokens. Yes you are correct, friends, the total supply of tokens is set at 10 billion. In the crypto world, that’s equivalent to saying, “We have got enough for everyone, but hey, do not worry, we are not creating these things like fiat money out of thin air. ”
However, what is the reason for this new-found love for Sui all of a sudden? Is it just another round of FOMO – Fear of Missing Out or is there more to this than meets the eye? As with anything in the world of cryptocurrency, it is always difficult to identify the exact causes of anything in this crazy world, some have attributed the decision to Sui’s approach to the blockchain technology.
What you need to understand is that Sui is not just another blockchain that wants to become the next Ethereum or Bitcoin. These people are concerned with the development of a fast, efficient and secure smart-contract system. In a world that is fast becoming a global village and where everyone is looking for that quick fix Sui’s lightning fast transactions and low fees are making heads turn faster than a cat video on social media.
Just imagine if you can get the efficiency of a centralized exchange and add to it the security and decentralization of DeFi. That’s the sweet spot Sui is targeting to represent in her artworks. It is as if they decided to extract the features that are most appealing about the crypto space and combine them into one large bowl of blockchain. Tasty, right?
Of course, as with anything to do with investment, more particularly in the emerging world of crypto, it must be taken with a pinch of salt. The crypto market is as volatile as a cat on hot tin roof. The stock that was on a high today might be on a low tomorrow and the same can be said about the low stock. Therefore, although Sui’s performance in the recent past is quite impressive, one should never speculate and invest blindly. As you may have noticed, in the crypto world, FOMO is the last thing you want!
From a broader perspective, Sui’s recent accomplishments could be the beginning of a lovely relationship between investors and high-performance blockchains. Or they could just be a five minutes of fame before the next big thing appears into the public eye. It is anybody’s guess at this stage. However, one thing is certain, Sui has certainly let its voice be heard in the crypto space.
So, what’s your take? Is Sui the next great thing in the world of crypto or is it just another trend that is going to fade soon? As always with such drastic changes only time will tell how it will all play out but it’s going to be interesting to see this space evolve! Perhaps in the future, everyone will be using SUI to run errands as simple as getting coffee. Until then, keep your crypto wallet nearby, and your private keys even closer!
