Investment Panel Member Identifies as "Red-Hot" the Preferred Cryptocurrency in April
locks in big bucks for gamers, here's why you should bet on SUI!
Kevin O'Leary, Shark Tank judge and crypto advocate, recently raved about Sui on a podcast. He calls it the hottest ticket in crypto right now, citing its blazing-fast transaction speeds and potential in the finance and gaming industries.
Let's dive into the top five reasons you shouldn't sleep on SUI.
1. SUI's Chart Shows a Bullish Reversal
In April, SUI was trading at around $2.12, down over 60% from its January record high. But don't be fooled—it still represented a solid gain for early investors who snagged it for $1.40 when it debuted on crypto exchanges in May 2023.
Crypto analyst CryptoBullet noticed a bullish technical indicator for SUI in an April 7 update. Its price chart showed a pattern that preceded a strong, multi-month rally for NEAR, another layer-1 blockchain currency. So, according to CryptoBullet, "No way I'm selling my $SUI here." They even predict a double-digit price increase for SUI by the end of the year.
Michaël van de Poppe agrees, stating, "Once the markets start to reverse, I assume that SUI will be one of the strongest assets to jump back." O'Leary himself echoed this sentiment, expressing faith that SUI will lead the DeFi race given Ethereum's bandwidth issues.
2. Mysten Labs: A Force to Be Reckoned With
O'Leary sang praise for the incredible team behind Sui, who he claims is focused on speed. The founder and team are led by Evan Cheng, a former Facebook engineer with a focus on accelerating blockchain performance. Mysten Labs' CTO, CPO, Chief Scientist, and Chief Cryptographer are all former Meta employees.
With such talented minds behind the project, it's no surprise that the positive sentiment around SUI hit an all-time high, even amid the cryptocurrency market slump in Q1.
3. Sui Outperforms Ethereum, Staking Rewards Await
Sui's network speed is no joke. A CoinGecko speed check revealed that the Layer-1 blockchain was among Web3's fastest, clocking transactions per second behind none other than Solana. Ethereum, on the other hand, managed only 22.70 TPS, while Sui reached an impressive 854.05.
Mysten co-founder Adeniyi Abiodun attributes the focus on speed to a strategic plan to develop Sui into a "coordination layer" for the entire Internet. In an interview at Token 2049 in Hong Kong, Abiodun declared, "Sui isn't just a blockchain; Sui is a global coordination layer for the internet."
4. Sui's Role in Gaming
O'Leary argued that Sui is poised to dominate the gaming industry due to its speed, noting that gaming latency is critical. He stated, "If you want to start passing tokens around in the middle of gameplay, you gotta be fast. Ethereum's too slow. Sui can do it."
In Q4 2023, the mobile gaming platform Gamisodes introduced Sui blockchain-powered mobile gaming, and multiple other blockchain-powered game titles have also launched on Sui. Abiodun has stated that gamers will drive DeFi onboarding for web3 newcomers by leading the charge in active wallets, transactions, and asset value creation.
The gaming sector is such a cornerstone of Sui's strategy that Mysten Labs has developed a blockchain handheld gaming console, the SuiPlay0X1, accepting pre-orders since September 2023.
5. Canary Capital Files for SUI ETF
Meanwhile, Nashville-based Web3 hedge fund Canary Capital has filed with the U.S. Securities and Exchange Commission for an SUI ETF, making the currency accessible to institutional investors through a regulated financial product.
If the ETF is approved, it could skyrocket the exposure of SUI in the crypto market. As the Bitcoin spot ETF was confirmed, crypto exchange markets erupted with excitement, and O'Leary reiterated his view that blockchain is poised to become the 12th sector of the economy in the next five years.
- Kevin O'Leary, praising SUI, described it as the hottest ticket in crypto, highlighting its rapid transaction speeds and potential in finance and gaming industries.
- SUI's chart shows a bullish reversal, with early investors reaping solid gains despite a market slump, thanks to a strong, multi-month rally predicted by cryptocurrency analyst CryptoBullet.
- Michaël van de Poppe and Kevin O'Leary both believe SUI will lead the DeFi race due to Ethereum's bandwidth issues, with SUI outperforming Ethereum in staking rewards and transactions per second.
- Evan Cheng, a former Facebook engineer, and his team at Mysten Labs, composed of ex-Meta employees, are recognized as a formidable force in the crypto space, driving the positive sentiment around SUI.
- Sui's focus on speed and its role in the gaming industry, where latency is critical, positions it to dominate gaming and lead DeFi onboarding for web3 newcomers.
- Gamisodes, a mobile gaming platform, introduced Sui blockchain-powered mobile gaming in Q4 2023, with other game titles also launching on SUI.
- Canary Capital, a Web3 hedge fund, has filed for an SUI ETF, hoping to make the currency accessible to institutional investors through a regulated financial product, potentially increasing SUI's exposure in the crypto market.
