SUI Drops Below $1, Investors Turn to New Meme Coin Superstar

Crypto All-Stars SUI Sui Network

Last updated:

August 13, 2024 21:47 EDT

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Tim Hakki

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Tim Hakki

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Last updated:

August 13, 2024 21:47 EDT

Why Trust Cryptonews With over a decade of crypto coverage, Cryptonews delivers authoritative insights you can rely on. Our veteran team of journalists and analysts combines in-depth market knowledge with hands-on testing of blockchain technologies. We maintain strict editorial standards, ensuring factual accuracy and impartial reporting on both established cryptocurrencies and emerging projects. Our longstanding presence in the industry and commitment to quality journalism make Cryptonews a trusted source in the dynamic world of digital assets. Read more about Cryptonews The price of the $SUI token underpinning the Sui Network, a Layer 1 Ethereum competitor, dropped below a dollar overnight, and currently trades at $0.919.

However, the token is still posting the single largest intra-week gains for any of the 100 biggest cryptocurrencies with a seven-day appreciation of 46%.

Those blistering gains are cooling off now, though. In the last 24 hours, $SUI has fallen about 7%.

Still, the Sui Network token’s overall performance has been far more volatile (and, for its holders, exciting) than that of market leaders Bitcoin ($BTC), Ethereum ($ETH), and Solana ($SOL).

Bitcoin only added 6.3% in the last week, while losing 3.8% in the last 24 hours. Meanwhile, Ethereum, the leading network for blockchain-based commerce, added 8.5% over the week and lost 3.7% overnight.

With a market cap of $2.4 billion, $SUI is unlikely to unseat Solana’s $68.7 billion market cap $SOL token as the leading Ethereum competitor.

Some of $SUI’s explosive rally this last week can be attributed to news that digital asset management giant Grayscale has added a Sui Network trust to its suite of investment products.

Sui Network: A Primer and Analysis

Like Solana and Ethereum, Sui Network deploys high-functionality smart contracts, enabling developers to build decentralized applications (dApps) offering services ranging from financial services to gaming.

However, Sui’s USP is that it processes transactions a lot faster than Ethereum. While Ethereum has a maximum theoretical throughput of 119 transactions per second (tps), Sui’s developers say it is capable of achieving a staggering 297,000 tps, thanks to its ability to process multiple transactions simultaneously.

Despite its promise, according to recent performance on the price chart, Sui Network’s support level has been falling steadily throughout the year-to-date and was dragged down significantly by last Monday’s crypto crash.

This week’s blistering rally has brought the token closer to its $1.13 resistance level, although the 24-hour losses coupled with a falling relative strength index (RSI) of 37 indicate moderate-to-heavy selling -— signs that a possible correction is imminent.

As $SUI Drops Below $1, Crypto All-Stars Enjoys $366,000 Launch

As a layer 1 coin, Sui Network’s price typically moves in line with market leaders Bitcoin and Ethereum.

Investors who want to start at the beginning for some potentially blistering returns are better off looking into some of the grassroots projects still in presale to have first-mover advantage while enjoying big staking rewards.

Crypto-All Stars is a revolutionary staking platform that brings together the most celebrated meme coins in one place.

Holders of Pepe Coin, Dogecoin, Shiba Inu, Floki Inu, Based Brett, MogCoin, Milady, TurboToken, Toshi The Cat, Coq Inu, and BonkCoin can stake them on the platform and earn passive income in the form of $STARS with a rewards rate currently set at 4,877%.

In terms of tokenomics, the team has allocated 20% of the tokens for its presale. The other 25% is for presale staking, 20% for marketing, 10% CEX/DEX listing, and the rest 25% for the MemeVault Eco.

This new meme coin project has gained so much popularity that its presale has already raised almost $400,000 since its launch this week.

You can head to their website and buy $STARS with ETH, USDT, BNB, or even by card. The token is currently worth $0.00138.

Following the purchase, you can begin staking for rewards. Holders have already staked over 11 million $STARS. Investors can claim the tokens once the presale ends.

If you are a meme coin holder who wishes to put your money to work, Crypto All-Stars is worth a look-in.

Follow them on social media to stay up-to-date on all their development plans.

Join the presale now | X (Twitter) | Telegram

Follow Us on Google News Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.