- SUI flipped BTC, TON and confirmed a falling wedge breakout on the charts
SUI’s open interest and trading volume rose, tapping into a $113 billion lottery industry
As a seasoned researcher and cryptocurrency enthusiast with over a decade of experience in the industry, I must say that the rise of SUI Network is nothing short of remarkable. The speed at which it has surpassed Solana and other established players in the market is truly astonishing.
The swiftly growing interest among traders and investors in SUI Network can be attributed to its remarkably quick transaction speed, approximately ten times swifter than that of Solana’s.
Indeed, I’ve been keeping a close eye on the crypto market, and as Joshua Orhue pointed out, SUI is now often referred to as the “Solana challenger” due to its increasing adoption. This momentum has propelled it into third place in terms of Total Value Locked (TVL), among non-EVM chains.
Currently, the total value locked (TVL) in SUI has exceeded $600 million, placing it ahead of both Toncoin ($542 million) and Bitcoin [BTC] ($516 million).
In terms of total value, Solana stood at the top with approximately $4.9 billion, closely followed by Hyperliquid at $717.28 million. The growing prominence of SUI in the cryptocurrency market suggests it as a formidable competitor within the non-EVM platform category.
In terms of pricing, SUI Network has broken out on the daily scale, hinting at an upcoming surge. At the moment of writing, the price appears to be aiming for the $1.16 resistance point. If it manages to surpass this level in its closing price, it could establish a new record high on the charts.
SUI also broke out of a falling wedge pattern and retested the breakout, confirming a bullish trend. The overall bias remained long though, with expectations of further upside movement.
SUI Futures Open Interest on the rise
SUI is drawing increased interest from investors as its Open Interest surged to $179.72 million. This rise underscores a robust appetite for this asset, particularly since it has demonstrated resilience in the daily chart.
The increasing enthusiasm and steady progression might propel SUI’s value to an all-time peak, possibly even by the end of the year – An indication of the market’s faith in its sustained rise.
Volume to market cap ratio analysis
Currently when this is being penned down, Suirui’s (SUI) total market value amounts to approximately $2.2 billion. The trading activity within a day reached around $167 million. As a result, its volume-to-market cap ratio is about 7.68%, indicating a healthy level of liquidity in the market.
10 billion SUI tokens in total and a maximum of 10 billion SUI tokens are set as the limit, with currently circulating tokens amounting to 2.6 billion. If we consider the total potential supply, the fully diluted market cap stands at approximately $8.5 billion.
Beyond that, it’s worth mentioning that SUI Network pioneered a groundbreaking innovation: the world’s first on-chain casino and lottery system – Doubleup_app – making it the initial Layer 1 blockchain worldwide to offer such services.
It’s noteworthy to mention that the casino business in the United States earned about $67 billion in 2023, contrastingly, the lottery sector raked in approximately $113 billion during the same year.
As a crypto investor, I’m excited about the potential revenue stream that SUI’s on-chain casino could bring. By leveraging profitable sectors, this casino has the capacity to significantly boost its earnings, which in turn could fuel network advancements and potentially escalate the value of SUI tokens.
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2024-08-22 12:07