Sui Network’s native token is getting closer to reaching a record high price because of the rising cryptocurrency markets.
The SUI network’s underlying $SUI token is getting closer to reaching a new all-time high (ATH) today.
$SUI gained 5% in the previous day and is now trading at $1.55. The total market capitalization of cryptocurrency markets increased by 0.2% overall, with $SUI accounting for roughly $4.1 billion of that amount.
Sui Network’s $SUI blew up an eye watering 39% over the last seven days, which makes it the week’s fastest growing cryptocurrency among the fifty largest layer 1 projects.
At the moment, Sui Network is the 28th-largest cryptocurrency available. Only the AI coin Bittensor ($TAO) saw higher appreciation among the top thirty. The price of $TAO increased 81.5% over night to $542.
In general, leading AI coins had a really good week, with most projects rising by double-digit percentages.
Bitcoin ($BTC), which leads the $1.25 trillion market capitalization, was unable to keep up.
The largest cryptocurrency in the world is now trading at $63,553, up 1.4% over the course of the previous day and 8.4% over the week.
The most significant blockchain in terms of commerce, Ethereum ($ETH), saw a 15.4% weekly increase to $2,651.
Sui Price Analysis: Where’s SUI Heading Next?
Similar to Ethereum and Solana, Sui Network uses highly functional smart contracts that let developers create a vast network of decentralized apps (dApps) that provide everything from gaming to financial services.
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.
Sui Network’s support level has been gradually declining this year, despite its promise, and it was severely impacted by the August 5th cryptocurrency crash.
Since then, the token has successfully regained the psychologically significant $1 mark, as shown by rising support (green line). However, a falling relative strength index (RSI) of 44 suggests that selling momentum may consolidate the token above $1.50, providing it with a foundation to claim a new ATH.
Sui Network ($SUI) last set an ATH of $2.17 on March 27 this year.
At today’s price, it’s about 29% short of setting a new high watermark.
Sui Network and Memebet Casino Signal the Start of AltSeason
All four tokens—Sui Network, Bitcoin, Ethereum, and Memebet—have one thing in common: interest in them has increased following the Federal Reserve’s announcement last Wednesday that US interest rates will be decreasing going forward due to declining inflation.
This indicates that borrowing is becoming more affordable, which will encourage more investors to return to riskier assets like stocks and cryptocurrency.
Because Memebet is the first online casino on the web where players use meme coins, it has successfully raised a quarter of a million dollars in its first week of presale.
In just two days after the presale began last week, over $200,000 was invested in the $MEMEBET token.
With online gambling primed to explode from a $100 billion industry in 2024 to $130 billion within the next five years alongside the growing adoption of crypto, $MEMEBET is positioned to take advantage of both emerging technologies, unlike Sui Network.
Players can gain access to exclusive VIP degen bonuses, airdrop rewards, and the soon-to-be Memebet Casino Lootboxes, which will include real-world prizes and casino bonuses, by using their $MEMEBET tokens.
The 400 million $MEMEBET airdrop was also initiated by the project.
To participate, just purchase some tokens, hold off until the casino launches (ideally before the end of the presale), and start wagering and gaming to earn rewards.
Stay updated on the latest Memebet news and developments on X and Telegram.