Editor’s Note: Your Weiss crypto team is still pounding the pavement at our Weiss Investment Summit. And in our numerous discussions, I noticed one token come up over and over: Sui.
This new crypto has become a powerhouse, growing 147.8% since its launch in May 2024. And our experts believe it will outperform in this cycle.
That’s why I pulled this detailed analysis of Sui we first published in August 2024. It’s been updated, so you can get an inside look at this hot new project.
Best,
Beth Canova
Crypto Managing Editor
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| By Mark Gough |
Born from the innovative team behind Meta's cancelled Diem project, Sui (SUI, “B-”) is a groundbreaking Layer-1 blockchain platform designed by Sam Blackshear.
Its goal is to revolutionize the crypto world with unmatched transaction speeds, low fees and a pioneering asset ownership model.
And so far, it’s on the path to meeting those goals.
Let’s start with transaction speed.
Sui's Narwhal consensus mechanism enables it to process up to 125,000 transactions per second under optimal conditions.
For context, Ethereum (ETH, “B+”) can only do 15 tps and Solana (SOL, “B”), heralded for its speed, has only hit a max tps of 7,229.
Sui’s high throughput suits high-demand applications like decentralized finance and gaming, like its Sui Play initiative. Leveraging blockchain technology to enhance gameplay and ownership experiences, projects under this initiative include …
- The SuiPlay0x1 Handheld Gaming Console: Expected to be released in 2025, this device supports a variety of games, including those built on the Sui blockchain and PC games from platforms like Steam and the Epic Games Store. This integration allows users to access and manage their Sui assets directly from the device.
- Play Beyond Gaming Development Platform: This is Sui's dedicated space for web3 games. It provides developers with tools to create dynamic, scalable games on the Sui blockchain.
All this speed comes for a relatively inexpensive fee, as well.
Averaging less than a penny per transaction, fees on Sui are very affordable thanks to its efficient network management and scalable infrastructure that adjusts demand-based resources.
SUI also has a unique asset ownership model. Assets can be owned by a single entity or shared among multiple owners. But while assets owned by a single entity can be transferred quickly without consensus, shared assets involve consensus validation.
And it has seen substantial growth over the past year. In August 2024, Sui ranked 31st in the CoinMarketCap rankings, with a circulating market cap of $2.3 billion and a price near 78 cents.
Today, it’s ranked 11th with a market cap of $11.5 billion and a token price near $3.47.
Overall, I see four reasons behind SUI’s surge …
1. Influential Whale and Institutional Activity
Grayscale announced a Sui trust in 2024, which boosted the project's profile and appeal. And more recently, 21Shares has registered a Sui exchange-traded fund (ETF) in the U.S., reflecting growing institutional interest in the Sui ecosystem.
And influential whales have been making substantial over-the-counter (OTC) bids, which has significantly impacted SUI's price. This buying pressure suggests confidence in SUI's long-term potential.
2. Excellent Tokenomics
SUI's tokenomics are designed to ensure long-term value. With 52% of the supply allocated to be released after 2030, 16.6% held by investors and 6% held by the team, the structure supports sustainable growth.
3. Vesting Schedule
The team and investor vesting started in May 2024, with around $80 million worth of tokens unlocked monthly.
And despite the potential sell pressure, SUI's four Tier 1 venture capital backers have shown a strong commitment to holding their positions.
4. Positive Sentiment and Market Position
Sui has been gaining popularity, especially as it captures interest from the meme space previously dominated by Solana.
Its TVL, or total value locked, saw a sharp increase recently, as you can see below.
This has brought it back to levels last seen during the big rally at the end of 2024.
And I believe it still has far to go.
Future Outlook
Looking ahead, SUI is poised for further growth. It could reach a price target of $10 in the long term.
With SUI’s current price near $3.47, that target could represent solid gains.
The platform's scalability, low fees and innovative features will likely attract more developers and users, further solidifying its position in the blockchain ecosystem.
But the biggest indicator that this is a project to watch is Sui’s rapid ascent in this market. That underscores its potential as a leading blockchain platform. With its high transaction speeds, low fees and innovative asset management, SUI is well-positioned to meet the needs of contemporary digital applications.
This combination of technical prowess and market momentum makes SUI a project worth watching in the evolving landscape of blockchain technology.
Savvy investors may want to keep an eye on Sui for their trading or investment portfolios.
Best,
Mark Gough
