Why SUI pumped 124% already this year?

[freedomgo]

I'm not heavily into altcoins myself, but I came across SUI in some online news, and it caught my attention.

After checking CoinMarketCap, I noticed it's pumped quite a bit and has strong volume. Now, I’m curious to hear what the experts think about this coin. Is it worth diving into now, or should we avoid it because the price surge is just hype? I’d appreciate any informative comments about SUI, as I’m still learning but interested in knowing more.

[markm]

To me the simple fact it already surged without having to buy its way up through a column of sell offers I already had in place basically means I missed that one.

If I had wanted to be in it I should have gotten some early and had my sell offers in place in time for the surge.

If for any reason I did still want to get in, I'd be looking from time to time to see if it crashed back down so I could think about buying some to get my sell offers in place in time for the next surge.

-MarkM-

[$crypto$]

Looking at the monthly chart of SUI it jumped 100% more up, I don't know what is the hype in this altcoin ecosystem not so much following although some friends shared the news but I didn't read it.

The increase in this token is already high, maybe there will be a decline again because it is usually like that for altcoins they will be over-pumped and drop dramatically so don't buy this token before the price drops.

Anyway I'm not interested in SUI anymore, there are already several altcoins that have pretty good potential after research, if you have confidence then please maybe the current price will continue to hold and even go up again.

[coin-investor]

I'm not heavily into altcoins myself, but I came across SUI in some online news, and it caught my attention.

After checking CoinMarketCap, I noticed it's pumped quite a bit and has strong volume. Now, I’m curious to hear what the experts think about this coin. Is it worth diving into now, or should we avoid it because the price surge is just hype? I’d appreciate any informative comments about SUI, as I’m still learning but interested in knowing more.

I am not aware on SUI only after I stumble upon Birds a Telegram Application airdrop and they utilize the SUI chain, I was surprised at the very low fees and fast confirmation. 297,000 TPS is just great for a chain, and many investors and developers are noticing this chain now.

https://sui.io/

Since it was utilized by one project in the Telegram ecosystem, I expect other developers to utilize SUI and they can compete with TON as one of the most used chains on Telegram, and Birds is one example of a project that utilizes SUI.

[Ekanayake90]

Looking at the monthly chart of SUI it jumped 100% more up, I don't know what is the hype in this altcoin ecosystem not so much following although some friends shared the news but I didn't read it.

The increase in this token is already high, maybe there will be a decline again because it is usually like that for altcoins they will be over-pumped and drop dramatically so don't buy this token before the price drops.

Anyway I'm not interested in SUI anymore, there are already several altcoins that have pretty good potential after research, if you have confidence then please maybe the current price will continue to hold and even go up again.

What are those "Several" Coins btw? I'd like to have a look too

[MAAManda]

I'm not heavily into altcoins myself, but I came across SUI in some online news, and it caught my attention.

After checking CoinMarketCap, I noticed it's pumped quite a bit and has strong volume. Now, I’m curious to hear what the experts think about this coin. Is it worth diving into now, or should we avoid it because the price surge is just hype? I’d appreciate any informative comments about SUI, as I’m still learning but interested in knowing more.

I'm not the right person to say you should jump into $SUI or you should stay away from it, what I do know is that $SUI is an L-1 that has a serious project behind it, they want to be a challenger to the another mainstream L-1 projects. Some of the new things coming to the $SUI network are:

1. $USDC is already available on the $SUI network, which strengthens the project in terms of protecting its users from a lack of liquidity.
2. The current meme trend happening on the $SUI network.

It's up to you whether you want to jump in or not, but one thing is for sure, don't shy away from projects that are developing and have good intentions, cause you can get financial benefits from there.

[passwordnow]

It still hasn't pumped a lot and don't have that ATH that everyone is just looking after. I think with their strong presence into events that they're present, this is one of the reasons why investors have confidence in them. Looking at the chart once again, the market seems to be back and bloody again. It's currently down by -5% and has the same price again since 7 days ago. But no doubt that for a year, it has moved something good. So, the ones that are able to make it are those that have held it for so long. I guess it's not yet late since it's under $2 again and if you have a strong belief on this project for a longer term, maybe it's fine if you take a bit of it on your stash.

[X-ray]

They've made some hype in twitter recently, I don't know if it's coming from their marketing side but they've successfully made a hype narrative about the ecosystem from scalability and trying to shift meme coin trend to their ecosystem.
but I largely also think it's because the crypto market just decided to move around the hype and capital to the newer L1, TON hype is fading but SUI just get started. though we don't know how long the hype will lasts with SUI.
it could be that after reaching near ATH of $2 it will go down again.

even cardano founder is shilling for SUI which honestly weird , why doesn't he shill for his own coin.

[mk4]

It's simply just this year's hot thing.

It will be totally up to them if they can materialize the hype into something, like what the Solana team accomplished.

[Reatim]

Looking at the monthly chart of SUI it jumped 100% more up, I don't know what is the hype in this altcoin ecosystem not so much following although some friends shared the news but I didn't read it.

I think it may have something to do with USDC being launched on the SUI blockchain. They might reach $2 soon as it keeps gaining on daily transactions. For those who were able to buy some before it breakthrough, congratulations as I am sure they now have massive profit.

The increase in this token is already high, maybe there will be a decline again because it is usually like that for altcoins they will be over-pumped and drop dramatically so don't buy this token before the price drops.

I also would not buy since I might just be in for more losses than profit at this point but it does seem promising because of their native stablecoin. I don’t think it would massively drop soon but I also do not think it will reach greater ATHs after some time.

[fikrett]

It's simply just this year's hot thing.

It will be totally up to them if they can materialize the hype into something, like what the Solana team accomplished.

I hope for the best, though it wouldn't be a wonder if the team behind it wouldn't be able to ride the hype into stability and success.

[CK485]

It still hasn't pumped a lot and don't have that ATH that everyone is just looking after. I think with their strong presence into events that they're present, this is one of the reasons why investors have confidence in them. Looking at the chart once again, the market seems to be back and bloody again. It's currently down by -5% and has the same price again since 7 days ago. But no doubt that for a year, it has moved something good. So, the ones that are able to make it are those that have held it for so long. I guess it's not yet late since it's under $2 again and if you have a strong belief on this project for a longer term, maybe it's fine if you take a bit of it on your stash.

by seeing SUI which continues to rise in the market even though it has fallen again, I am sure I will keep it for the future, after observing and seeing its performance I think SUI is an asset with a fairly high increase, by giving the opportunity to trust it and continue to monitor its movements.

[Abiky]

I'm not heavily into altcoins myself, but I came across SUI in some online news, and it caught my attention.

After checking CoinMarketCap, I noticed it's pumped quite a bit and has strong volume. Now, I’m curious to hear what the experts think about this coin. Is it worth diving into now, or should we avoid it because the price surge is just hype? I’d appreciate any informative comments about SUI, as I’m still learning but interested in knowing more.

Hype, maybe? SUI is a project that supports "horizontal scaling". Just like its sister project, Aptos. The difference is that Aptos is funded by VCs (Venture Capitalists), while SUI is not (AFAIK). Both use the Move programming language developed by Facebook (under the now defunct Libra/Diem project). I think Aptos has better potential than SUI because of its VC backing. But that isn't to say SUI will be a failure. It would be dumb to miss on the ride by not buying coins while they're still cheap.

Who knows? Maybe SUI becomes the next Solana. For what I know, anything's possible in crypto land. Right now market prices are declining, making it a great opportunity to grow your stack of SUI. I'd diversify my investment into both Aptos and SUI just to be safe.

[X-ray]

I'm not heavily into altcoins myself, but I came across SUI in some online news, and it caught my attention.

After checking CoinMarketCap, I noticed it's pumped quite a bit and has strong volume. Now, I’m curious to hear what the experts think about this coin. Is it worth diving into now, or should we avoid it because the price surge is just hype? I’d appreciate any informative comments about SUI, as I’m still learning but interested in knowing more.

Hype, maybe? SUI is a project that supports "horizontal scaling". Just like its sister project, Aptos. The difference is that Aptos is funded by VCs (Venture Capitalists), while SUI is not (AFAIK). Both use the Move programming language developed by Facebook (under the now defunct Libra/Diem project). I think Aptos has better potential than SUI because of its VC backing. But that isn't to say SUI will be a failure. It would be dumb to miss on the ride by not buying coins while they're still cheap.

Who knows? Maybe SUI becomes the next Solana. For what I know, anything's possible in crypto land. Right now market prices are declining, making it a great opportunity to grow your stack of SUI. I'd diversify my investment into both Aptos and SUI just to be safe.

in the social media people have been calling out SUI as the next solana, but I can't see how that happen, although SUI is great and all in scaling aspect, I just couldn't find that capability justifies the hype to go as high as solana.
we all know solana greatly helped by degens doing memes speculation but most of meme in SUI are just micro cap memes not even worth that much compared to solana.
moreover, price probably peaked at $2.1 I don't expect it to go up higher from here, too much selling pressure from the peolpe since it's ATH already.
but, if the SUI team want to spend big money to make their coin hype or artificially hype, I guess the trend will resume. I low key feels like SUI hype is because KOLs' shilling .

[d5000]

One of the reasons may be its distribution, which looks extremely centralized to me. Its goal seems to clearly be to create artificial scarcity. A lot of the coins are reserved by the founders, a big part supposedly for the Foundation and "community" activities, but I found no schedule when these coins will be distributed so the founding team can basically decide what they like with it, it seems. There was also no ICO, so all "common folks"  had to buy the coins on the market or participate in one of the community programs. Staking rewards until now make up a small part of the supply (less than 500M from 2.7B).

There was also some VC involvement (they had a Series A and a Series B round), so expect some dumping in the future.

I've analyzed it here regarding token distribution. In this thread I'm calculating a "fair launch" score for smart contract chains, and SUI was until now the coin with the worst score. My advice: Do your own research and be careful.

[mk4]

I hope for the best, though it wouldn't be a wonder if the team behind it wouldn't be able to ride the hype into stability and success.

With so much L1s and L2s that have launched and are about to launch, who knows really which one is going to be 2024-2025's best thing.

[Coyster]

It is difficult to predict altcoins projects, but since you missed that pump, you have to be careful about getting in now, the hype may or may not continue. So many people are already talking about SUI as a great project and how it'll be successful, i can bet a lot of them hodl the coin, that is not to say it cannot be successful, but just DYOR, you don't want the project to fail when you have put a lot of money into it.

[FortuneFollower]

I hope for the best, though it wouldn't be a wonder if the team behind it wouldn't be able to ride the hype into stability and success.

With so much L1s and L2s that have launched and are about to launch, who knows really which one is going to be 2024-2025's best thing.

Yeah, they fill the space pretty quickly, though, I do think that SUI should be monitored for the time to come.

[DeathAngel]

We’re in the early stages of a bull market, sometimes we can look for reasons why random alts pump but it’s unexplainable at times. Social media hype can drive coins with no real utility to highs. People get excited chasing pumps & it goes even higher. Don’t go chasing big green candles, SUI is a risky investment so act accordingly.

[markm]

We’re in the early stages of a bull market, sometimes we can look for reasons why random alts pump but it’s unexplainable at times. Social media hype can drive coins with no real utility to highs. People get excited chasing pumps & it goes even higher. Don’t go chasing big green candles, SUI is a risky investment so act accordingly.

I did a bit of study of "conventional" trading, and unfortunately a lot of it, what I think they call "technical' trading in particular, does involve chasing candles, in the sense that a lot of it amounts to looking for any upturns anywhere and trying to compute a sort of judgement - a guess - and use ideas like "stop loss" to jump back out if it turns back down and so on.

Something like that might be part of why we see so many folk jumping in too late, waiting until a rise already happened instead of being there with a column of sell offers already in place.

In technical trading waiting until a hint of rise happens before jumping in is an attempt to make frugal use of the funds at hand, but so far none of the technical trading books I have encountered even seem to notice really that platforms where it costs you to merely place offers differ from platforms where offers only cost you if they get "taken" let alone seem to compare the relative cost of waiting to see a hint of an upturn versus just staying ready with sell offers above the top of the current buy offers column so that if there happens to be an uptick it already involved buying from you.

The buy offers column I build underneath current price of course functionally amounts to cost averaging so presumably is less contraversial than the sell offers column part of my strategy.

In crypto the main objection to my strategy is don't keep stuff on exchanges, but exchanges fly by night less lately it seems than back when I made fortunes with the strategy; its main downfall nowadays is there are so many trillions (exaggeration) of pairs any given pair I do it with gets so very very little traffic it has become a very slow game.


-MarkM-