As a seasoned analyst with over two decades of experience in the volatile world of cryptocurrencies, I’ve seen my fair share of market fluctuations and project growth. The recent developments surrounding Sui (SUI) have caught my attention, especially with Circle announcing native USDC support on its mainnet and Coinbase adding it to their listing roadmap.
Following the announcement by Circle, the stablecoin issuer, that they will support USDC directly on the primary network of a layer-1 blockchain platform, Sui saw a significant surge in its momentum.
Circle announced native USDC (USDC) was live on Sui (SUI) on Oct. 8.
Additionally, on that same day, the significant news came from Coinbase, a major U.S. cryptocurrency exchange, stating their intention to include USDC (a stablecoin) in Sui’s listing plans.
The news comes amid a significant surge for Sui, which has more than doubled in value over the past month. The cryptocurrency’s price rose sharply after Bybit added Sui on Launchpool.
What does native USDC mean for Sui?
In simpler terms, having native USDC (United States Dollar Coin) on Sui implies that developers and users no longer have to transfer their stablecoin across platforms. Instead, they can directly utilize its liquidity for decentralized finance applications, gaming environments, decentralized infrastructure networks, and non-fungible token systems within the Sui ecosystem.
Previously, when USDC wasn’t natively available on Sui, I was utilizing a version of USDC that was bridged over from Ethereum through Wormhole within the ecosystem.
Increased activity on Sui’s network might cause its Total Value Locked (TVL) to surpass the present $1.55 billion, as suggested by DeFiLlama.
SUI price prediction
In the past few weeks, Sui has been surging following a breakout from a bull flag formation, according to Scott Melker, a well-known cryptocurrency investor and host of The Wolf Of All Streets podcast, as pointed out in his recent posting on platform X.
For technical analysis aficionados, the structure of this bull flag and its overall chart is worth studying extensively and may continue to be relevant for future generations.
— The Wolf Of All Streets (@scottmelker) October 8, 2024
In the last 24 hours, Sui’s value has dropped by 6%, mirroring declines for other leading cryptocurrencies as Bitcoin (BTC) dipped below $63,000. Yet, with a staggering 108% rise over the past month and bullish activity approaching record highs near the all-time peak of $2.17 reached in March, is it time for further price growth exploration?
If bulls maintain their position around $2, there’s a strong possibility that Sui could exceed its existing record peak. Nevertheless, cryptocurrency analyst Altcoin Sherpa has issued a word of warning about Sui before this potential rise occurs.
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2024-10-08 19:20