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Sui launched its mainnet yesterday, with the layer-one blockchain seeing its native SUI token surpass $1 billion in 24-hour trading volume on Binance.
As of writing, SUI’s price stands at $1.33, with the proof-of-stake token initially being offered at $0.10 as part of a public sale to users of participating exchanges.
This means it has effectively risen by over 1,000% since its launch, although the coin has declined by 38% after reaching an all-time high of $2.16 yesterday.
And with its blockchain being launched by former Meta employees who had worked on the ill-fated Diem/Libra project, Sui has every chance of being a long-term success.
Sui Blockchain Price Prediction as SUI Token Launches on Binance Exchange and Sees $1 Billion Trading Volume in 24 Hours
Sui’s chart suggests that the coin is nearing a bottom, after falling from record highs yesterday.
Its relative strength index (purple) has fallen below 30, indicating that it’s now oversold.
Likewise, its short-term moving average (yellow) has dropped substantially below its long-term average (blue), which again signals that it has been sold too much and should correct upwards.
Of course, SUI is a completely new token, so it could easily fall further, particularly when its price remains so much higher than its initial sale price of $0.10.
In terms of fundamentals, SUI potentially has a bright future ahead of it, given that its blockchain has been developed and launched by Mysten Labs, which is led by several former Meta senior executives and developers.
It, therefore, has a good pedigree behind it, while its use of the Move programming language, much like Aptos (also a Diem offshoot), promises to make it easier for developers to build smart contract-based applications.
Sui’s blockchain also enables parallel processing, something which should make it more scalable and faster than other similar networks.
Of course, its status as a new platform means it hasn’t really attracted any significant usage or adoption, so it remains to be seen just how far it can eat into the market share of Ethereum and other incumbent layer-one platforms.
It did raise $36m from Andreessen Horowitz in a 2021 funding round, while it raised $300m in September 2022, suggesting that big venture capital is betting on its success.
As such, it’s credible to suggest that, after a short-term correction, SUI’s price will see significant growth, returning back to its current ATH of $2.16 and rising higher in the coming months.
Another High-Return New Token
SUI isn’t the only new altcoin in the market right now, with a number of new presales happening right now that offer investors the opportunity to invest in promising cryptocurrencies before they launch and potentially make it big.
One of these is AiDoge.com, an AI-powered meme-generating platform that has already raised over $1.3 million, with the first and second stages of its presale selling out in only a couple of weeks.
AiDoge’s core feature is that it allows users to create fun and provocative memes by simply entering a text-based description, with the platform’s algorithms and dataset working to generate a relevant image or GIF based on this.
Once memes have been generated, AiDoge also features a community-based element, in that users can upvote and downvote the memes they create.
Interestingly, the most highly rated memes will earn their creators rewards in $AI, the platform’s native token.
Holding $AI grants users access to the the platform’s meme-generating tool, while the token can also be staked, which earns further credits that can be used to generate memes.
Given this utility, it’s no wonder that AiDoge’s presale has already enjoyed such success, with investors able to participate by visiting the the platform’s official website and connecting their wallets.
One 1 AI token now costs $0.0000268, with the next stage set to push this up to $0.0000272.
And once the sale ends, 1 AI will cost $0.0000336, although the altcoin could easily see a big rally when it lists on exchanges.
This article first appeared at Cryptonews
