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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

SUI Leads Crypto Market With 78% Weekly Uptick: Here’s Why

Jake Simmons
Jake Simmons
8 months ago
2 mins read
Sui price crypto news

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Este artículo también está disponible en español.

Over the past seven days, Sui (SUI) has emerged as the standout performer in the crypto market, recording an massive 78% increase in its price. This surge positions SUI as the leader among the top 100 cryptocurrencies by market capitalization, significantly outperforming its peers, Helium (HNT) with a 60% increase and Bittensor (TAO) at 50%.

Why Is SUI Up Over The Past Week?

Andrew Kang, the founder of Mechanism Capital, provided insights into the SUI’s recent success in a series of posts on X. Kang suggested that the bullish trend could be attributed to several factors including a notable endorsement from influential figures, substantial over-the-counter (OTC) bids, robust holdership even after significant token unlocks, and a recent technical upgrade that could pave the way for innovative applications on the SUI platform.

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“No knowledge of anything actually happening but combination of the below leading me to bet that there’s some interesting developments upcoming for SUI,” Kang posted. He listed several indicators supporting his optimistic outlook: “1. Raoul Pal shill thread while he sits on advisory board 2. Large OTC bids 3. Relatively strong holdership through big unlocks 4. Aggressive price action with no pullback 5. Big recent performance upgrade with Mysiceti potentially allowing for interesting new apps.”

These points collectively hint at a buoyant market sentiment and substantial backing from influential market players. In a subsequent post, Kang touched on the promotional strategies surrounding SUI, noting, “Many people commenting that they are giving grants to people to shill. If true, this is bullish.”

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The aforementioned Raoul Pal, founder/CEO of Global Macro Investor and RealVision and member of the advisory board of the Sui Foundation, recently praised SUI as a “groundbreaking ultra-fast L1, super efficient, full blockchain ecosystem” developed from the remnants of Meta’s Diem project, aimed at scaling to accommodate billions of users transitioning from Web2 to Web3 technologies.

From a technical perspective, he added: “SUI is starting to look very interesting from a price perspective, although still early and unconfirmed, it is showing signs of breaking out against most tokens,” Pal noted. This includes comparisons against Aptos (another MOVE language L1 project), Avalanche (AVAX), Tia (TIA), Near Protocol (NEAR), Bitcoin (BTC), and Solana (SOL).”

The week also saw institutional support further bolstering SUI’s market position. Grayscale, a leading digital currency asset manager, announced the introduction of the Grayscale Sui Trust. This new fund is solely dedicated to SUI, providing accredited individual and institutional investors with a structured vehicle for investing in this rising cryptocurrency.

“We are excited to add Bittensor and Sui to our product suite, and believe Sui is redefining the smart contract blockchain,” stated Rayhaneh Sharif-Askary, Grayscale’s head of product and research.

At press time, SUI traded at $0.9149.

SUI price
SUI price, 1-day chart | Source: SUIUSDT on TradingView.com
Featured image from Chainwire, chart from TradingView.com
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Jake Simmons
Jake Simmons

Jake Simmons

Jake Simmons, a dedicated crypto journalist, has been passionate about Bitcoin since 2016 when he first learned about it. Through his extensive work with NewsBTC.com and Bitcoinist.com, Jake has become a trusted voice in the crypto community, guiding newcomers and seasoned enthusiasts alike towards a deeper understanding of this dynamic field.

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His mission is simple yet profound: to demystify Bitcoin and cryptocurrencies and make them accessible to everyone.
With a professional career in the Bitcoin and crypto scene that began right after graduating with a degree in Information Systems in 2017, Jake has immersed himself in the industry. Jake joined the NewsBTC Group in late 2022. His educational background provides him with the technical prowess and analytical skills necessary to dissect complex topics and present them in an understandable format. Whether you are a casual reader curious about Bitcoin or an investor seeking to navigate the latest market trends, Jake’s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage.

Jake is not just a reporter on technological trends; he is a firm believer in the transformative potential of Bitcoin over traditional fiat currencies. To him, the current financial system is on the brink of chaos, propelled by unchecked government actions and flawed Keynesian economic policies. Drawing from the principles of the Austrian school of economics, Jake views Bitcoin not merely as a digital asset but as a crucial step towards rectifying a failing monetary system. His libertarian views reinforce his stance that just as the church was separated from the state, so too should money be freed from governmental control.

For Jake, Bitcoin represents more than just an investment; it's a peaceful revolution. He envisions a future where Bitcoin fosters a sustainable and responsible financial framework for generations to come. His advocacy is not about opposition but about evolution, about laying the groundwork for a system that prioritizes transparency and equity over secrecy and inequality.

As a journalist, Jake’s articles are crafted with the precision of a scholar and the passion of a true believer. He provides not only news but also thoughtful analysis that connects the dots between daily developments and larger economic theories. His work is a beacon for those lost in the technical jargon often associated with crypto discussions, illuminating the practical implications and benefits of these technologies.

In summary, Jake Simmons is not just reporting on a revolution; he wants to be part of it, fully committed to enhancing public understanding and adoption of Bitcoin and cryptocurrencies. His work is more than just a collection of articles; it’s a resource, a guide, and a companion for anyone ready to explore the potential of this digital frontier. Whether you are taking your first steps into crypto or are a veteran looking to stay on top of the latest trends, Jake’s insights provide clarity and foresight in an often unpredictable industry. Join him on this journey to reshape the world of finance, one post at a time.

You can engage with his latest takes on Twitter: @realJakeSimmons.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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