Altcoin
SUI Price Soars To New ATH, What’s Next?
In the latest ‘Everything Crypto’ podcast, the analyst fleshes out SUI price reaching its ATH, and what exactly drove the price upwards.
He kept bullish sentiment on SUI prospects, mainly because the general trend for altcoins is always to outshine Bitcoin in this market cycle. SUI price has been able to reach new all-time highs in the recent surge and thus entered price discovery, showing very strong upwards momentum.
He further said this was likely to continue on this growth trajectory, courtesy of continuous ecosystem expansion and technological capability and performance metrics that set the blockchain apart from competitors.
SUI Price Bullish Outlook: 118% Monthly Gain, New Highs Expected
The price of SUI, the leading layer-one blockchain, has increased by 118% in the last month alone and by 452% in the last year, reaching its all-time-high.
The ‘Everything Crypto’ analyst remained bullish on SUI potential, especially now that altcoins typically outperform Bitcoin in this market phase. The recent breakout to new all-time highs and price discovery mode is underway.
He concluded it would continue higher, considering the still-expanding ecosystem and actual technological and performance metrics set it apart from other blockchains.
This increase has tracked the movement in the blockchain’s ecosystem metrics, such as the total number of active accounts, total daily transactions, and total value locked. However, not everyone was convinced that SUI price will go up. Just a day ago, data from Coinglass showed high SUI exchange inflows for the past two consecutive weeks, suggesting that holders have possibly been sending the coins to exchanges to sell.
Still, SUI, at some point, even overtook Solana in daily transactions, recording 58 million, thus illustrating its very high throughput of transactions and fast time to finality. This network currently remains one of the leading competing layer-one blockchains capable of handling 297,000 transactions per second and having time to finalize 400 milliseconds.
USDC Integration and Growing Ecosystem
Another significant development is the recent launch of native USDC on SUI, which will enable the creation of more financial products in the DeFi space and give users access to digital dollar savings without exposure to traditional banks. With USDC natively present, there will no longer be a need for bridging via Wormhole or similar services that make cross-chain transactions seamless.
He compared SUI to Solana, even saying that the token could be the Solana of this crypto cycle. He added that, for now, its market cap is around $6 billion, which was what Solana was in April 2021 before it soared upward over $250 at its peak. If SUI did the same thing, then at least a tenfold increase in its market capitalization would push its price to approximately $22.5 per token.
This is in addition to continued growth in the token’s ecosystem metrics and ramping adoption, placing it as one of the strongest-performing altcoins. The analyst said this makes monitoring key ecosystem developments very significant, including new token launches and large partnerships that could further propel SUI demand and token price.
The latest jump in SUI price partly comes from Bybit Launchpool’s decision to support the coin as its first native token. This is an essential move for Bybit and the SUI ecosystem, showing a growing interest in the token and belief in its potential and capabilities.
Renowned Analyst Predicts Rise
A widely followed crypto analyst had predicted the possibility of a new peak just hours before SUI price reached its high.
In that regard, according to Michaël van de Poppe, an analyst widely recognized for updates on what to expect from the cryptocurrency market, he told his over half a million followers on X that SUI, a blockchain platform, and someone would consider a rival to Solana, was about to experience a breakout.
He forecasted a potential movement of more than 23% from its price levels and mentioned the $1.79 mark as the vital support the coin already had a bounce from, jumping 10%. His projection indicated that more upside could be seen, with the target falling between $2.25 and $2.50.
The SUI price changed hands at $2.23, up a whopping 117% since September 12.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
World Liberty Financial Fails To Impress Amid Donald Trump’s Rising Odds
The Trump family’s token project, World Liberty Financial, debuted in a very weak fashion on its first day, reaching just 4% of its $20 billion sales target while the website itself – crashed.
Amidst all the fanfare and a promotional drive led by Donald Trump, sales have netted close to $11 million since it launched quietly on Tuesday at 12:40 UTC, having sold just over 792.36 million tokens.
World Liberty Financial Token Sale Crashes and Fails to Gain Traction
A new cryptocurrency venture, World Liberty Financial, backed by Donald Trump and his family ran into serious issues from the outset early Tuesday. This includes several website crashes that limited user access in the crucial first hours.
Although the platform was down for most of the first few hours, it could attract close to 2,900 investors. Some 344 million WLFI tokens were sold to around 3,000 unique wallets in the first hour. The project has since gained some 6,000 more holders, per Etherscan data.
That project saw its token buys increase by over 180M after Trump announced the World Liberty Financial token sale. Unfortunately, that has yet to translate into any significant momentum. At a current price of $0.015 per token, buyers are averaging less than $1,000 in purchases. That represents a small amount at the least and not precisely indicative of high-stakes interest.
An Ethereum wallet attributed to the project holds more than $8 million in ether and nearly $3 million in a mix of other tokens, mainly stablecoins. That’s a tepid reception, to say the least, for a space where even meme coins and others are gaining millions within days, if not hours, of their launch. The project could raise $300 million at a $1.5 billion valuation.
WLFI Token Faces Lack of Interest Due to Restrictions
Part of the subdued enthusiasm might come from the nature of the World Liberty Financial token itself. It is designed as a non-transferrable governance token on the platform. Also, DeFi functions of borrowing, lending, and providing liquidity pools are not alluring to investors looking at quick profits.
Because of this, it significantly restricts the WLFI token’s desirability as an investment. Since one cannot speculate on its value and then sell it at a later date for a higher value, this has dampened enthusiasm for the token. First among quitters were investors seeking quick returns on their investments.
World Liberty Financial closely aligns with Donald Trump’s campaign, which vows to place America at the crypto forefront. That means if he wins the election in November.
Most traders view a potential Trump victory as good news for the crypto space. When weighed up against the current administration under not-so-crypto-friendly Kamala Harris, Trump is presently favored to win. Polymarket odds stand at 59% for Trump and to 40% for Harris.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
GOAT Price Rockets 150% As Goatseus Maximus Secures Major Listing, Rally To Sustain?
Solana meme coin Goatseus Maximus reverberated significant optimism across the broader crypto market on Wednesday, securing listing on a major cryptocurrency exchange. GOAT price skyrocketed nearly 150% as the renowned exchange Crypto.com recently revealed plans to list the token. Meanwhile, market watchers continue to speculate whether the listing could help the token sustain a price rally ahead.
Goatseus Maximus Rides Bullish Waves Amid Crypto.com’s Listing
In an official X post dated October 16, Crypto.com revealed that it is listing the Solana meme coin Goatseus Maximus today. The platform’s colossal userbase can easily trade the coin with USD, EUR, and 20+ fiat currencies offered on the exchange. Notably, the listing sparks optimism over GOAT price ahead as it paves the way for further market participation in the asset.
Meanwhile, it’s worth mentioning that the Solana meme coin appears to have emerged as the recent buzz of the crypto town. CoinGape Media reported a crypto trader to have made a whopping $2.42 million profit in just four days, investing a mere $727 in the Goatseus Maximus meme token. Simultaneously, in light of the recent buzz, venture capital firm Andreessen Horowitz founder Marc Andreessen took to X, revealing that he is not connected with the meme token.
For context, Marc stated, “I sent a personal $50K no-string-attached unconditional research grant to ‘truth_terminal’ and its creator Andy Ayrey this summer.” However, there is no involvement in the Solana-based meme coin, he concluded.
Solana Meme Coin’s Price Rockets
Meanwhile, GOAT price skyrocketed nearly 135% at press time and is currently trading at $0.2634. The coin’s intraday low and high were $0.09803 and $0.33, respectively. Also, the 24-hour trading volume for the token surged 170%, hinting traders appear to have reacted positively to the listing announcement.
Simultaneously, recent data by Lookonchain revealed that a trader sold Goatseus Maximus holdings for $1.1K five days ago, which is over $5 million today. Notably, the trader, ‘FUDing,’ offloaded his holdings amid a recent price drop. Nevertheless, the coin reflects a strong potential for gains in light of recent market stats. Market watchers continue to eye the token for further price action shifts.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Altcoin
Dogecoin-Fan Elon Musk Donates $75 Million To Elect Trump, DOGE to $1?
Elon Musk, known for being a fan of Dogecoin meme coin, has donated nearly $75 million to America PAC to back Donald Trump in his presidential race. Musk has also pushed forward efforts regarding the proposed Department of Government Efficiency (DOGE) and campaigning with Trump, currently throughout Pennsylvania.
Elon Musk Donates Massive $75 Million In US Elections
Billionaire businessman Elon Musk boosted Donald Trump’s presidential run by donating nearly $75 million in donations to America political action committee (PAC), a pro-Republican group. The donation has pushed Musk on the list of top donors for Trump’s reelection bid.
Musk created this PAC to support candidates who support core values of ‘Secure Borders, Sensible Spending, Safe Cities, Fair Justice System, Free Speech and Self-Protection.’ The group has already spent more than $96 million boosting Trump’s reelection bid, according to the independent non-profit OpenSecrets.
Musk Leading Trump to Victory in Pennsylvania
Moreover, ‘Dogecoin fan’ Elon Musk said he will give a series of talks in Pennsylvania until Monday. Those who want to attend need to just sign up for America PAC’s petition for free speech and need to have voted in Pennsylvania.
A source told Reuters that Musk plans more campaigning for Trump in Pennsylvania after his appearance at a Trump rally. His appearances would be connected to his America political action committee.
Tomorrow night through Monday, I will be giving a series of talks throughout Pennsylvania.
If you’d like to attend one of my talks, there’s no attendance fee. You just need to have signed our petition supporting free speech & right to bear arms & have voted in this election. https://t.co/2cjdY7oPtB
— Elon Musk (@elonmusk) October 16, 2024
Polymarket data reveals that Donald Trump’s odds are now 14% ahead of Kamala Harris in Pennsylvania. This shift comes amid Elon Musk’s appearance at Trump rallies.
DOGE Price Gains 8%
Dogecoin is unfazed by the recent broader crypto selloff after a volatile price uptrend in the market. DOGE price currently trades at $0.125, up 8% in the last 24 hours and 22% in a month. Trading volume also saw a more than 50% increase in the last 24 hours.
In the derivatives market, total DOGE futures climbed 22% within just 4 hours as traders moved to buy Dogecoin before it rally. As per Coinglass data, the total Dogecoin futures OI hit a high of 6.05 billion worth $758.41 million.
The strong momentum comes amid Elon Musk’s support for Donald Trump and rising hopes for the proposed Department of Government Efficiency (DOGE). Trump promised Musk a key position if he wins the presidential election, fueling DOGE to $1 speculation.
Meanwhile, Musk’s Tesla moved all Bitcoin holdings worth $760 million from its public wallet, marking its first BTC transactions in two years. A plausible explanation is for security purposes and spread them across several cold wallets.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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