Topic: Why SUI pumped 124% already this year? (Read 190 times)

Of course, you're looking at this from the big picture. I believe what made OP to come up with this thread was because on the 5th of August 2024, during the Japanese carrytrade sell-offs, SUI/USDT bottomed at ~$0.41 and today, it's over $2.1. That simply means that the price has gone 4x in the last 2 months. That's why a lot of people are talking about it — the short term performance not the longer term. The idea is that most cryptos that go down that hard never make it back up. The fact that they did, means it's something worth keeping an eye out for.

I don't own a bag if not, I would've been in the better side of the trade.

You can say this because we are now in October? And many people are also positive about this month and onwards? But if we can disregard it, we or the price are always like this even in last time. In this year, we think there is a bull run, so we are not on the early stages of it in fact. It is just that there is some postponement that occurs.

If about bulls and bears, there is no need to look for a reason because they are only normal but if on normal times, we still have a lot of factors to look at. Number one would be is the news and then if there are events. Not just social media but forums and news can also drive or hype a coin and as you said, it doesn't matter if they have a use case or not but what only matters is the thickness of their wallets.

I looked into the longer term chart of SUI and actually the longer term growth is a bit ... underwhelming. This is the full chart:


Source: Coingecko

The light blue line is the price in USD. So when SUI started in 2023, it was already at $1.40. Then it was dumped down to $0,40. When the Bitcoin bull market intensified, it went again up, this time reaching its ATH in March 2024 (2.15$ approximately). Then it went down again and now it's close to its ATH again. We have thus a typical altcoin with large swings, but lately a bit of growth.

However, if we look at the price of SUI/BTC (orange line), the evolution looks much less positive. It started at 0.000048 BTC. Now it's at only 0.000032 BTC.

For the "Ethereum killer" narrative also the price in ETH (violet line) is important. ETH as we all know didn't perform that well. And while SUI was able to grow a bit versus its start in 2023, the growth wasn't exactly impressive: it went from 0.00073 to 0.00084.

It's a challenge to maintain decentralization due to the problem that you can't pay developers (Edit: and marketing guys/shills ) that easily with coins printed out of thin air. I think a smart contract chain with turing complete language and without premine has chances, but it should follow a mix of Monero's and Ethereum's model: develop P2P and decentralized exchange apps early and ideally try to get accepted at non-KYC services/exchanges too, but also start already with some interesting dApps and tokens.

still, although indeed we might be still at early phase of bullrun market and recently even BTC just pumped, but I think the pump that happened to some of alts so far especially the big one like TON, and SOL has been all about the narrative, TON with its mini telegram app, and SOL with its meme but, SUI just decide to go up out of nowhere, which is great for people who have invested in it.
but kinda curious what make the buying pressure so storng, so far seeing the price chart since I've observed for days already, always bounced back from support and hit near ATH again.
if BTC bullish I guess SUI will have new ATH, but I primarily think the scalability of SUI plays a big role in this, being depicted as one of the best in the market. but yeah, turns out it was grayscale trust.

Typical of greedy developers who want to make a quick buck. Why not distribute coins fairly? An equitable blockchain is bound to become a huge success in the long run. I think Ripple (the company) is doing the same with XRP. It holds a large amount of the circulating supply. A huge selloff would drive market prices all the way down the drain in an instant.

If by any chance SUI goes to the moon, I'd sell my holdings and never look back. Totally not worth it, imo. Aptos is a much better choice. Until the Solana and TON hype ends, don't expect these coins (APT and SUI) to go anywhere soon. Interestingly enough, SUI has a higher market cap than APT. Let's how long it will hold its position.

A group of influential people started shilling it hard on CT — there was a rumor at that time that the SUI foundation was handing out token grants to these KOLs in exchange for their shilling posts — the influencers involved were the ones people expected the least because of their not - so-scammy track records. What did SUI do afterwards?

1. price went from $0.7 to $1.

2. Everyone who was hesitant at  $0.7 started fomoing into sui at $0.9 to $1. They got rekt because the price went down $0.7 again and dwelled there for two weeks.  I believe during this time, most of the sheets and paper hands sold.

3. After liquidating people with late longs, price started to pain upONLY  candles ever since.

Actually i had been able to bag up some SUI wayback when it was still below a dollar on which it is really be the sweetest spot i could say on which my portfolio now is already on gains or greens.
Doesnt matter about on which project would really be pumping up on which this do always matter about into those updates on which not everyone could really be able to know.
There are other projects which do able to make out some pumps for this year and not on SUI alone and if you have been able to accumulate those numbers then you are already that making up some profits now. There would really be those people who had been able to make out such selection into the coins that they are involving into. There would be those times or moment that you will really be
having those skeptical approach because you've been not able to decide which one you would really be choosing into.

It's always worth diving into SUI. It has a solid product and more innovation than the other blockchain. And it's growing very fast.

Anyway, the big pump happened due to the Grayscle's announcement. They added SUI trust to their product. This means SUI may be listed as an ETF in the future. This brings the big hype to SUI, and it create speculation if it can go much higher when it's listed as ETF. T

I did a bit of study of "conventional" trading, and unfortunately a lot of it, what I think they call "technical' trading in particular, does involve chasing candles, in the sense that a lot of it amounts to looking for any upturns anywhere and trying to compute a sort of judgement - a guess - and use ideas like "stop loss" to jump back out if it turns back down and so on.

Something like that might be part of why we see so many folk jumping in too late, waiting until a rise already happened instead of being there with a column of sell offers already in place.

In technical trading waiting until a hint of rise happens before jumping in is an attempt to make frugal use of the funds at hand, but so far none of the technical trading books I have encountered even seem to notice really that platforms where it costs you to merely place offers differ from platforms where offers only cost you if they get "taken" let alone seem to compare the relative cost of waiting to see a hint of an upturn versus just staying ready with sell offers above the top of the current buy offers column so that if there happens to be an uptick it already involved buying from you.

The buy offers column I build underneath current price of course functionally amounts to cost averaging so presumably is less contraversial than the sell offers column part of my strategy.

In crypto the main objection to my strategy is don't keep stuff on exchanges, but exchanges fly by night less lately it seems than back when I made fortunes with the strategy; its main downfall nowadays is there are so many trillions (exaggeration) of pairs any given pair I do it with gets so very very little traffic it has become a very slow game.


-MarkM-

We’re in the early stages of a bull market, sometimes we can look for reasons why random alts pump but it’s unexplainable at times. Social media hype can drive coins with no real utility to highs. People get excited chasing pumps & it goes even higher. Don’t go chasing big green candles, SUI is a risky investment so act accordingly.

Yeah, they fill the space pretty quickly, though, I do think that SUI should be monitored for the time to come.

It is difficult to predict altcoins projects, but since you missed that pump, you have to be careful about getting in now, the hype may or may not continue. So many people are already talking about SUI as a great project and how it'll be successful, i can bet a lot of them hodl the coin, that is not to say it cannot be successful, but just DYOR, you don't want the project to fail when you have put a lot of money into it.

With so much L1s and L2s that have launched and are about to launch, who knows really which one is going to be 2024-2025's best thing.

One of the reasons may be its distribution, which looks extremely centralized to me. Its goal seems to clearly be to create artificial scarcity. A lot of the coins are reserved by the founders, a big part supposedly for the Foundation and "community" activities, but I found no schedule when these coins will be distributed so the founding team can basically decide what they like with it, it seems. There was also no ICO, so all "common folks"  had to buy the coins on the market or participate in one of the community programs. Staking rewards until now make up a small part of the supply (less than 500M from 2.7B).

There was also some VC involvement (they had a Series A and a Series B round), so expect some dumping in the future.

I've analyzed it here regarding token distribution. In this thread I'm calculating a "fair launch" score for smart contract chains, and SUI was until now the coin with the worst score. My advice: Do your own research and be careful.

in the social media people have been calling out SUI as the next solana, but I can't see how that happen, although SUI is great and all in scaling aspect, I just couldn't find that capability justifies the hype to go as high as solana.
we all know solana greatly helped by degens doing memes speculation but most of meme in SUI are just micro cap memes not even worth that much compared to solana.
moreover, price probably peaked at $2.1 I don't expect it to go up higher from here, too much selling pressure from the peolpe since it's ATH already.
but, if the SUI team want to spend big money to make their coin hype or artificially hype, I guess the trend will resume. I low key feels like SUI hype is because KOLs' shilling .

Hype, maybe? SUI is a project that supports "horizontal scaling". Just like its sister project, Aptos. The difference is that Aptos is funded by VCs (Venture Capitalists), while SUI is not (AFAIK). Both use the Move programming language developed by Facebook (under the now defunct Libra/Diem project). I think Aptos has better potential than SUI because of its VC backing. But that isn't to say SUI will be a failure. It would be dumb to miss on the ride by not buying coins while they're still cheap.

Who knows? Maybe SUI becomes the next Solana. For what I know, anything's possible in crypto land. Right now market prices are declining, making it a great opportunity to grow your stack of SUI. I'd diversify my investment into both Aptos and SUI just to be safe.

by seeing SUI which continues to rise in the market even though it has fallen again, I am sure I will keep it for the future, after observing and seeing its performance I think SUI is an asset with a fairly high increase, by giving the opportunity to trust it and continue to monitor its movements.

I hope for the best, though it wouldn't be a wonder if the team behind it wouldn't be able to ride the hype into stability and success.

I think it may have something to do with USDC being launched on the SUI blockchain. They might reach $2 soon as it keeps gaining on daily transactions. For those who were able to buy some before it breakthrough, congratulations as I am sure they now have massive profit.
I also would not buy since I might just be in for more losses than profit at this point but it does seem promising because of their native stablecoin. I don’t think it would massively drop soon but I also do not think it will reach greater ATHs after some time.

It's simply just this year's hot thing.

It will be totally up to them if they can materialize the hype into something, like what the Solana team accomplished.