SUI Leads Crypto Market With 78% Weekly Uptick: Here’s Why
2024年8月12日 - 5:20PM
NEWSBTC
Over the past seven days, Sui (SUI) has emerged as the standout
performer in the crypto market, recording an massive 78% increase
in its price. This surge positions SUI as the leader among the top
100 cryptocurrencies by market capitalization, significantly
outperforming its peers, Helium (HNT) with a 60% increase and
Bittensor (TAO) at 50%. Why Is SUI Up Over The Past Week? Andrew
Kang, the founder of Mechanism Capital, provided insights into the
SUI’s recent success in a series of posts on X. Kang suggested that
the bullish trend could be attributed to several factors including
a notable endorsement from influential figures, substantial
over-the-counter (OTC) bids, robust holdership even after
significant token unlocks, and a recent technical upgrade that
could pave the way for innovative applications on the SUI platform.
Related Reading: SUI Explodes 30% After Crypto Market Shows Signs
Of Life “No knowledge of anything actually happening but
combination of the below leading me to bet that there’s some
interesting developments upcoming for SUI,” Kang posted. He listed
several indicators supporting his optimistic outlook: “1. Raoul Pal
shill thread while he sits on advisory board 2. Large OTC bids 3.
Relatively strong holdership through big unlocks 4. Aggressive
price action with no pullback 5. Big recent performance upgrade
with Mysiceti potentially allowing for interesting new apps.” These
points collectively hint at a buoyant market sentiment and
substantial backing from influential market players. In a
subsequent post, Kang touched on the promotional strategies
surrounding SUI, noting, “Many people commenting that they are
giving grants to people to shill. If true, this is bullish.”
Related Reading: Crypto Scam? PolitiFi Token RTR Plummets 95% After
Trump Family Denies Link The aforementioned Raoul Pal, founder/CEO
of Global Macro Investor and RealVision and member of the advisory
board of the Sui Foundation, recently praised SUI as a
“groundbreaking ultra-fast L1, super efficient, full blockchain
ecosystem” developed from the remnants of Meta’s Diem project,
aimed at scaling to accommodate billions of users transitioning
from Web2 to Web3 technologies. From a technical perspective, he
added: “SUI is starting to look very interesting from a price
perspective, although still early and unconfirmed, it is showing
signs of breaking out against most tokens,” Pal noted. This
includes comparisons against Aptos (another MOVE language L1
project), Avalanche (AVAX), Tia (TIA), Near Protocol (NEAR),
Bitcoin (BTC), and Solana (SOL).” The week also saw institutional
support further bolstering SUI’s market position. Grayscale, a
leading digital currency asset manager, announced the introduction
of the Grayscale Sui Trust. This new fund is solely dedicated to
SUI, providing accredited individual and institutional investors
with a structured vehicle for investing in this rising
cryptocurrency. “We are excited to add Bittensor and Sui to our
product suite, and believe Sui is redefining the smart contract
blockchain,” stated Rayhaneh Sharif-Askary, Grayscale’s head of
product and research. At press time, SUI traded at $0.9149.
Featured image from Chainwire, chart from TradingView.com
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