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SUI Price Hits All-Time High – Could it Overtake Solana and Reach $100?

SUI Price Hits All-Time High – Could it Overtake Solana and Reach $100?

CryptoNewsCryptoNews2024/10/15 03:18
By:Joel Frank

SUI price hits a new high of $2.30 due to increased blockchain activity. Here’s the latest on its rise.

Last updated:
October 14, 2024 11:20 EDT

Sui (SUI) has surged to a new all-time high of $2.30 on Monday, driven by a spike in on-chain activity and increased interest in its blockchain capabilities.

Following this peak, the price dipped slightly to the low $2.20s due to profit-taking, though the strong upward trend remains intact.

Many investors are watching closely, as SUI continues to be one of the top-performing cryptocurrencies in the market .

SUI Price Hits All-Time High – Could it Overtake Solana and Reach $100? image 1 Source: TradingView / SUIUSD

SUI has shown remarkable growth, rising over 4x from its sub-$0.50 lows in August. Over the last 30 days, it has surged more than 120%, according to data from CoinMarketCap , bringing Sui’s market capitalization to just over $6 billion.

This growth can be attributed to a surge in activity on the Sui blockchain, which has captured the attention of both traders and developers alike.

Sui’s increased activity has been partly fueled by the rise of meme coin trading , which has pushed on-chain trading volumes to around $200 million in recent days, according to DeFi Llama .

This spike in activity has also propelled Sui’s total value locked (TVL) to a record high of $1.13 billion, marking a major milestone for the blockchain.

Sui Price and Solana: Can It Compete?

As Sui’s network gains momentum, comparisons with larger platforms like Solana are becoming more frequent.

Currently, Solana’s market cap stands at $71.7 billion, roughly 12 times greater than Sui’s $6 billion.

However, when looking at fully diluted market caps—which account for all tokens that could potentially enter circulation—Solana’s $90 billion valuation is only about four times larger than Sui’s.

The recent rise has prompted some to question whether Sui could realistically compete with Solana in the future.

X user @lightcrypto voiced doubts , wondering if Sui has demonstrated even a fraction of Solana’s potential.

One thing that I've found more and more baffling in the last few weeks is the vertical ascent of SUI, with it quintupling off the lows (Ex 1). The market is starved for winners, and believes it has found one here, yet it all feels awfully chintzy for two reasons that I think feed… pic.twitter.com/VKISXpdxp1

— light (@lightcrypto) October 14, 2024

He also highlighted concerns about insider token dumping, an issue that has troubled other inflationary tokens like Arbitrum and Worldcoin, both of which have faced similar challenges recently.

Despite these concerns, Sui’s technical strengths may give it an edge.

To better understand these differences, we asked ChatGPT to explain the technical comparison between Sui and Solana.

ChatGPT noted that while Solana relies on a Proof of History (PoH) system —which has contributed to network congestion and outages—Sui employs a parallel transaction execution system and an object-based model.

This design enhances scalability and minimizes bottlenecks, making Sui potentially more reliable during periods of high demand.

Can Sui’s Blockchain Outperform Solana?

Although surpassing Solana is no small task, Sui’s architecture could help it emerge as a strong contender in the high-performance dApp space.

Solana has experienced multiple instances of downtime, whereas Sui’s system allows unrelated transactions to be processed simultaneously, boosting its reliability under heavy load.

Sui’s capacity to handle high transaction volumes without sacrificing performance could make it an appealing choice for developers building decentralized applications (dApps) .

This advantage might allow Sui to expand its ecosystem and draw in more users, ultimately increasing its potential to compete with Solana over time.

Can the Sui Price Hit $100?

There has been speculation that Sui could eventually reach $100 if it continues to build momentum as a leading blockchain for trading and dApps.

Achieving this would represent a massive 50x increase in price, pushing its fully diluted market cap to $1.1 trillion.

However, such growth would require Sui to overcome stiff competition from well-established networks like Solana and Ethereum , both of which benefit from strong network effects that are difficult to displace.

Despite these challenges, Sui still holds significant upside potential. A more realistic estimate suggests it could deliver a 5-10x return during the ongoing bull market.

However, investors seeking even larger returns in the range of 50x will likely need to explore newer and smaller projects with high potential.

Crypto presales offer another avenue for potential gains, with one catching the eye of our team at Cryptonews: Meme Bets (MEMEBET) , a new GambleFi meme coin.

In a recent video, our in-house presale analyst Crypto Arjay highlighted Meme Bets as one of the top meme coins to consider this month.

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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.
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Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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