- Sui is called the "Solana killer" because of its focus on Decentralised Finance and impressive blockchain technology
- SUI has appreciated by 453.53% in just one year, making it one of the best-performing cryptocurrencies in 2024
- It is estimated that if SUI reaches the anticipated $75 billion market cap, a trader would need an initial investment of about $169,000 at current prices to make $1 million
Sui token, one of the breakout cryptocurrencies of 2024, has been described by crypto analysts as a mega project that would make a lot of people millionaires. Sui has been dubbed the Solana killer because of the prospects of giving Solana a very good chase.
Sui is called the "Solana killer" because of its focus on Decentralised Finance and impressive blockchain technology. According to Coinmarketcap data, at the time of writing, Sui was trading at $3.95, down 5.40% in the past day, with a market capitalisation of $11.59 billion and 24-hour trade volume of $1.64 billion.
However, the token’s current price does not really represent its recent performance. Before cooling below $4, SUI traded at $4.4. Over the past 7 days, SUI appreciated by 19.54% and 66.75% over the past month. SUI has appreciated by 453.53% in just one year, making it one of the best-performing cryptocurrencies in 2024.
What is SUI, and why is it performing well?
Sui token (SUI) is the native cryptocurrency of the Sui network. It is designed to be used for value exchange, governance, and transaction fees within the Sui ecosystem.
Sui is a ground-breaking layer-1 blockchain platform that provides a safe, strong, and expandable development environment to meet the demands of worldwide adoption. Fundamentally, Sui uses the safe Move programming language and a new object-centric data model to solve the inefficiencies found in current blockchain architectures.
Sui prioritizes user experience by removing obstacles frequently associated with blockchain communication. It also raises the bar for Web3 user experience by making apps accessible and easy to use with innovations like programmable transaction blocks, sponsored transactions, and zkLogin.
SUI realistic price prediction
In a recent analysis, Kevin Finance, a popular crypto channel, explained that with an $11.59 billion market valuation, SUI has established itself as a significant force in the cryptocurrency market.
Kevin used Solana's past performance as a benchmark for SUI’s projected growth, especially its $75 billion market cap accomplishment during the previous bull run. With this in mind, he projects a target price of $25.62 and computes a possible 5.9x growth multiplier for SUI.
Kevin estimates that if SUI reaches the anticipated $75 billion market cap, a trader would need an initial investment of about $169,000 at current prices to make $1 million and achieve millionaire status. To make more than $1 million, the trader would need to invest more money.
The analysis recognised a number of important variables, such as possible shifts in token circulation and general market conditions, that may impact these projections. The prediction framework makes extensive use of current market dynamics and historical comparisons.
How 9,200 crypto users lost $9.3 million to scammers in November
Meanwhile, TheRadar earlier reported that in November 2024, 9,200 crypto users lost $9.3 million in various crypto scams, including fraud and phishing. This is according to data released by ScamSniffer, a blockchain analytics platform.
ScamSniffer said the lost funds were in various cryptocurrencies, including WBTC. In a post on X, the analytics platform revealed that the most significant loss ever incurred by one person was $661,000 in stETH, a utility token called StETH. StETH is crypto token that represents an equivalent amount of Ethereum (ETH) that has been deposited to support blockchain operations.
