By Nermeen Nabil Khear 
Sui is on fire. By now you should have noticed that. For me, it’s almost difficult to even keep track of everything that is going on with Sui. It’s breaking record after record in various sectors. Over the last 30 days, it saw a 126% price increase. Measured by market cap, it now takes #19 spot. It also increased its TVL in DeFi to over $1 billion. That’s 70% up in only one month. This takes it to 9th spot in TVL among all chains. The number of daily active users (DAU) is up by 300%. So, that is all very impressive. Sui has all the makings to be like Solana was in the 2021 bull run. $SOL did a 74x.
Now, I’m not saying that Sui will do that same number, but it may get up a lot more from here. So, today, I’m going to look at how much $SUI you need to become a millionaire.
What Is Sui?
Sui launched last year on 3rd May 2023. So, it’s a fairly new layer 1 chain. Sui’s team used to work on Diem, the abandoned blockchain project by Meta. However, one thing they took with them from Diem is Move. That’s the coding language they developed there.
Move sets itself apart from other programming languages for various reasons. It’s an object-centric chain. Objects make asset management easier. You can find out more about these objects in our article.
During its first year, the chain had a quiet period. However, during the last couple of months, Sui has exploded. Especially during September, which it aptly renamed, Suitember. For example,
There was the preorder list for SuiPLay0X1. This is the first Web3 native handheld gaming device.
In May, it launched Mysticeti. An upgrade to their consensus mechanism. It made it the fastest chain around. It confirms transactions within 390 ms. That’s almost instantly.
In Q1, 2025, it will launch Walrus. This is a decentralized storage platform, like Filecoin. It will have its own $WAL token.
Just in from #BuilderHouse Singapore…Walrus will officially be an independent Delegated Proof-of-Stake Network, governed and incentivized by its native utility token, WAL. pic.twitter.com/bZz6sw7vRh
— Walrus (@WalrusProtocol) September 17, 2024
With all the other news I already mentioned, there seems only one way possible for Sui. That’s forwards and upwards.
TA (Technical Analysis)
So, let’s look at some TA for $SUI. Its current ATL (All-Time Low) is at 36.4 cents, which was on 19th October 2023. About a year ago.
The most recent support was at 53 cents, in August 2024. Currently, it doesn’t look like $SUI will drop to 53 cents anytime soon. Unless there’s a black swan event. So, if you bought $SUI below $1, you did well. You’re at least on a 2x, or better.
On the other hand, the current resistance sits at $2.35, its all-time high. Once $SUI can break through this, there’s probably no stopping anytime soon. There may be some smaller corrections, but the general tendency will be upwards.
Source: CoinGecko
$SUI Tokenomics
Let’s take a look at the $SUI tokenomics. 1 If we look at the token performance, it went from $1.33 at launch, to 36 cents in October last year. Not that great. However, it did come back to live. In February and March this year, it had two consecutive new ATHs of $1.91 and $2.17.
Guess what, $SUI is closing in on that number. For the time being, it peaked at $2.35, a new ATH, on 13th October. Take a look at the $SUI monthly green candle for September. That’s how I like my green candles.
Source: X
In a year’s time, the token is up by 304%. Over the last 30 days, $SUI is up by an impressive 126%. Its current price is $1.85 with a $5 billion market cap. However, $SUI has one weak point, and that’s the number of circulating tokens. Out of a 10 billion max supply, only 2.7 billion circulate.
Having said that, earlier this month there was a big token unlock of $110 million. Still, with $SUI’s current momentum, it didn’t even blink an eye. It went straight on, and the price went even higher. Nonetheless, their vesting schedule only ends in April 2030.
On a different note, $SUI has outperformed $BTC by over 220% since early August. With the TVL explosion, it’s all quite impressive what Sui is doing at the moment.
$SUI has outperformed Bitcoin by more than 220% since the August 5th low pic.twitter.com/Z2jyxKFvCc
— Alpha First (@AlphaFirst_) October 2, 2024
Not to mention native $USDC coming to Sui at any moment. This should pump the Sui DeFi sector even more.
You can also stake your $SUI straight in your Sui Wallet. Staking periods start and end with each epoch. A Sui epoch lasts about 24 hours. This is a period during which selected validators process transactions. In other words, there’s no long unstaking period.
How Much $SUI Is $1 Million?
I already mentioned all the reasons why I like Sui. For instance,
Its TVL in DeFi
Mysticeti
Walrus
Native $USDC coming
Increasing number of DAU
Everything is currently growing on Sui. However, the $SUI token dipped 15% on 4th October. Nonetheless, I see that as an overdue correction.
In September, $SUI went up by over 120%. A correction was well in place and a good moment to buy this dip. Every $SUI you can get under $2 is good in my book.
So, at the current price of $2 you need 500,000 $SUI.
However, from here, $SUI should be able to do at least a 10x. At $20, you need 50,000 $SUI.
Now, what if, $SUI does a 5x and its price goes to $10? In that case, you will need 100,000 $SUI.
All right then, for good measure, with a $540 price tag, you will need 25,000 $SUI. So, it’s time to start stacking $SUI.
How do you see the price development of $SUI for the next 12 months? Do you think it’s the Solana from the 2021 bull run?
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment and informational purposes only. Any information or strategies are thoughts and opinions relevant to accepted levels of risk tolerance of the writer/reviewers, and their risk tolerance may be different from yours.
We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments, so please do your due diligence.
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The post How Many SUI Tokens Can Make You A Crypto Millionaire? appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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