{"id":543107,"date":"2024-07-18T13:30:10","date_gmt":"2024-07-18T13:30:10","guid":{"rendered":"https:\/\/www.wncen.com\/?p=543107"},"modified":"2024-07-18T11:50:10","modified_gmt":"2024-07-18T11:50:10","slug":"sui-surges-11-just-24-hours-still-worth-buying","status":"publish","type":"post","link":"https:\/\/www.wncen.com\/news\/sui-surges-11-just-24-hours-still-worth-buying\/","title":{"rendered":"SUI Surges 11% In Just 24 Hours, Is It Still Worth Buying?"},"content":{"rendered":"

After the launch of the mainnet on May 3, the SUI token fell into a deep downtrend, which has caused the price to drop by more than 87%. Low user numbers and poor on-chain data have severely clouded the outlook. However, a few days ago, there was a surprise that gave a big boost to the SUI price.<\/p>\n

The SUI network made waves in the crypto space by surpassing its competitor Solana in daily transactions. However, with a sudden record of 29 million transactions in 24 hours, SUI has left many crypto enthusiasts questioning the validity and sustainability of this sudden surge.<\/p>\n

Renowned analyst and crypto whale Andrew Kang, known for his insightful commentary, has raised concerns about the authenticity of these transactions, suggesting that SUI may be artificially inflating its numbers. Kang writes today:<\/p>\n

Sui pumping their numbers up. Chart looks good, market does not seem to be discerning about validity of transactions. Fake it til you make it.<\/strong><\/p><\/blockquote>\n

Is SUI Still Worth Buying?<\/h2>\n

As Kang argues, the question is: Are the numbers legitimate and can drive a sustainable upward trend, or will the hype quickly die down because of fake numbers?<\/p>\n

Related Reading: SUI Continues Rally As Sui 8192 Web3 Game Fuels Blockchain Activity To Hit New Peak<\/a><\/div>\n

The recent surge in transactions can be primarily attributed to the introduction of the on-chain game, “Sui 8192.” Developed by the team behind the wallet provider, Ethos Wallet, this casual game has captured the attention of users with its gameplay reminiscent of the classic puzzle game “2048.”<\/p>\n

Each move within the game triggers a transaction, resulting in the state of the game being recorded on the blockchain. With the integration of a pre-approval mechanism in Ethos Wallet, players can optimize their gameplay experience by setting a token amount before each game.<\/p>\n

It’s Important to know that the SUI Foundation has allocated $5 million to further stimulate activity within the game, offering players the opportunity to earn rewards in the form of SUI tokens by competing against others or completing tasks. However, this could call into question the sustainability of this increase in transaction activity.<\/p>\n

Related Reading: Sui Foundation Refutes Claims Of Dumping Locked Staking Rewards On Binance<\/a><\/div>\n

Perhaps the game is only experiencing a short hype at the moment because players want to grab the free tokens. Once the marketing budget is exhausted, the hype could quickly be over. SUI traders and investors should therefore be cautious.<\/p>\n

Prior to this transaction surge, the project had been marred by negative headlines, including allegations of suspicious token movements<\/a>, concerns about venture capital influence, and opaque tokenomics<\/a>. These controversies have left some investors wary of the project’s long-term prospects.<\/p>\n

Price Analysis<\/h2>\n

However, as stated by Kang, the SUI chart looks promising at the moment. The price has broken out of the downward trend that existed since the mainnet launch. The bulls also managed to defend the 23.6 Fibonacci retracement level in a retest. Currently, the price is contending with the 38.2% retracement level at $0.76. If it manages to break above this resistance, $0.84 and $0.92 could be the next price target.<\/p>\n

\"SUI
Price breaks out of downtrend, 1-day chart | Source: SUIUSD on TradingView.com<\/a><\/figcaption><\/figure>\n
Featured image from Boxmining, chart from TradingView.com<\/div>\n","protected":false},"excerpt":{"rendered":"

After the launch of the mainnet on May 3, the SUI token fell into a deep downtrend, which has caused the price to drop by more than 87%. Low user numbers and poor on-chain data have severely clouded the outlook. However, a few days ago, there was a surprise that gave a big boost to the SUI price. The SUI network made waves in the crypto space by surpassing its competitor Solana in daily transactions. However, with a sudden record of 29 million transactions in 24 hours, SUI has left many crypto enthusiasts questioning the validity and sustainability of this sudden surge. Renowned analyst and crypto whale Andrew Kang, known for his insightful commentary, has raised concerns about the authenticity of these transactions, suggesting that SUI may be artificially inflating its numbers. Kang writes today: Sui pumping their numbers up. Chart looks good, market does not seem to be discerning about validity of transactions. Fake it til you make it. Is SUI Still Worth Buying? As Kang argues, the question is: Are the numbers legitimate and can drive a sustainable upward trend, or will the hype quickly die down because of fake numbers? Related Reading: SUI Continues Rally As Sui 8192 Web3 Game Fuels Blockchain Activity To Hit New Peak The recent surge in transactions can be primarily attributed to the introduction of the on-chain game, “Sui 8192.” Developed by the team behind the wallet provider, Ethos Wallet, this casual game has captured the attention of users with its gameplay reminiscent of the classic puzzle game “2048.” Each move within the game triggers a transaction, resulting in the state of the game being recorded on the blockchain. With the integration of a pre-approval mechanism in Ethos Wallet, players can optimize their gameplay experience by setting a token amount before each game. It’s Important to know that the SUI Foundation has allocated $5 million to further stimulate activity within the game, offering players the opportunity to earn rewards in the form of SUI tokens by competing against others or completing tasks. However, this could call into question the sustainability of this increase in transaction activity. Related Reading: Sui Foundation Refutes Claims Of Dumping Locked Staking Rewards On Binance Perhaps the game is only experiencing a short hype at the moment because players want to grab the free tokens. Once the marketing budget is exhausted, the hype could quickly be over. SUI traders and investors should therefore be cautious. Prior to this transaction surge, the project had been marred by negative headlines, including allegations of suspicious token movements, concerns about venture capital influence, and opaque tokenomics. These controversies have left some investors wary of the project’s long-term prospects. Price Analysis However, as stated by Kang, the SUI chart looks promising at the moment. The price has broken out of the downward trend that existed since the mainnet launch. The bulls also managed to defend the 23.6 Fibonacci retracement level in a retest. Currently, the price is contending with the 38.2% retracement level at $0.76. If it manages to break above this resistance, $0.84 and $0.92 could be the next price target. Featured image from Boxmining, chart from TradingView.com<\/p>\n","protected":false},"author":571,"featured_media":543127,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[142,6664,87261,88414],"class_list":["post-543107","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-altcoins","tag-crypto","tag-sui","tag-suiusd"],"acf":[],"yoast_head":"\nSUI Surges 11% In Just 24 Hours, Is It Still Worth Buying?<\/title>\n<meta name=\"description\" content=\"Are the numbers legit or will the hype quickly die down because of fake numbers? 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Through his extensive work with wncen.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. 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\u2019s insights offer valuable perspectives that bridge the gap between complex technology and everyday usage. 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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\u2019s 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\u2019s 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\u2019s 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.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/realJakeSimmons"],"url":"https:\/\/www.wncen.com\/author\/marcusmisiak\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"SUI Surges 11% In Just 24 Hours, Is It Still Worth Buying?","url":"http:\/\/www.wncen.com\/news\/sui-surges-11-just-24-hours-still-worth-buying\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/www.wncen.com\/news\/sui-surges-11-just-24-hours-still-worth-buying\/"},"thumbnailUrl":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/07\/sui.png?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/07\/sui.png?fit=1200%2C675"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Jake Simmons"}],"creator":["Jake Simmons"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/www.wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["altcoins","crypto","sui","suiusd"],"dateCreated":"2024-07-18T13:30:10Z","datePublished":"2024-07-18T13:30:10Z","dateModified":"2024-07-18T13:30:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"SUI Surges 11% In Just 24 Hours, Is It Still Worth Buying?\",\"url\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/sui-surges-11-just-24-hours-still-worth-buying\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.wncen.com\\\/news\\\/sui-surges-11-just-24-hours-still-worth-buying\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/sui.png?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/07\\\/sui.png?fit=1200%2C675\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Jake Simmons\"}],\"creator\":[\"Jake Simmons\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/www.wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"altcoins\",\"crypto\",\"sui\",\"suiusd\"],\"dateCreated\":\"2024-07-18T13:30:10Z\",\"datePublished\":\"2024-07-18T13:30:10Z\",\"dateModified\":\"2024-07-18T13:30:10Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/www.wncen.com\/wp-content\/uploads\/2023\/07\/sui.png?fit=1200%2C675","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/543107"}],"collection":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/users\/571"}],"replies":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/comments?post=543107"}],"version-history":[{"count":0,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/posts\/543107\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media\/543127"}],"wp:attachment":[{"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/media?parent=543107"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/categories?post=543107"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.wncen.com\/wp-json\/wp\/v2\/tags?post=543107"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}