DeFi
Donald Trump-Supported Crypto Project World Liberty Financial (WLFI) to Start Token Sale Next Week
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3 hours agoon
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adminMembers of the Trump family, including Donald Trump, publicly championed the project on social media, with the former president being titled as “Chief Crypto Advocate” Two of his sons, Eric Trump and Donald Trump Jr., are involved as “Web3 Ambassadors,” while his other son Barron Trump is listed as “DeFi Visionary.”
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SUI Price Soars To New ATH, What’s Next?
Published
21 hours agoon
October 13, 2024By
adminIn the latest ‘Everything Crypto’ podcast, the analyst fleshes out SUI price reaching its ATH, and what exactly drove the price upwards.
He kept bullish sentiment on SUI prospects, mainly because the general trend for altcoins is always to outshine Bitcoin in this market cycle. SUI price has been able to reach new all-time highs in the recent surge and thus entered price discovery, showing very strong upwards momentum.
He further said this was likely to continue on this growth trajectory, courtesy of continuous ecosystem expansion and technological capability and performance metrics that set the blockchain apart from competitors.
SUI Price Bullish Outlook: 118% Monthly Gain, New Highs Expected
The price of SUI, the leading layer-one blockchain, has increased by 118% in the last month alone and by 452% in the last year, reaching its all-time-high.
The ‘Everything Crypto’ analyst remained bullish on SUI potential, especially now that altcoins typically outperform Bitcoin in this market phase. The recent breakout to new all-time highs and price discovery mode is underway.
He concluded it would continue higher, considering the still-expanding ecosystem and actual technological and performance metrics set it apart from other blockchains.
This increase has tracked the movement in the blockchain’s ecosystem metrics, such as the total number of active accounts, total daily transactions, and total value locked. However, not everyone was convinced that SUI price will go up. Just a day ago, data from Coinglass showed high SUI exchange inflows for the past two consecutive weeks, suggesting that holders have possibly been sending the coins to exchanges to sell.
Still, SUI, at some point, even overtook Solana in daily transactions, recording 58 million, thus illustrating its very high throughput of transactions and fast time to finality. This network currently remains one of the leading competing layer-one blockchains capable of handling 297,000 transactions per second and having time to finalize 400 milliseconds.
USDC Integration and Growing Ecosystem
Another significant development is the recent launch of native USDC on SUI, which will enable the creation of more financial products in the DeFi space and give users access to digital dollar savings without exposure to traditional banks. With USDC natively present, there will no longer be a need for bridging via Wormhole or similar services that make cross-chain transactions seamless.
He compared SUI to Solana, even saying that the token could be the Solana of this crypto cycle. He added that, for now, its market cap is around $6 billion, which was what Solana was in April 2021 before it soared upward over $250 at its peak. If SUI did the same thing, then at least a tenfold increase in its market capitalization would push its price to approximately $22.5 per token.
This is in addition to continued growth in the token’s ecosystem metrics and ramping adoption, placing it as one of the strongest-performing altcoins. The analyst said this makes monitoring key ecosystem developments very significant, including new token launches and large partnerships that could further propel SUI demand and token price.
The latest jump in SUI price partly comes from Bybit Launchpool’s decision to support the coin as its first native token. This is an essential move for Bybit and the SUI ecosystem, showing a growing interest in the token and belief in its potential and capabilities.
Renowned Analyst Predicts Rise
A widely followed crypto analyst had predicted the possibility of a new peak just hours before SUI price reached its high.
In that regard, according to Michaël van de Poppe, an analyst widely recognized for updates on what to expect from the cryptocurrency market, he told his over half a million followers on X that SUI, a blockchain platform, and someone would consider a rival to Solana, was about to experience a breakout.
He forecasted a potential movement of more than 23% from its price levels and mentioned the $1.79 mark as the vital support the coin already had a bounce from, jumping 10%. His projection indicated that more upside could be seen, with the target falling between $2.25 and $2.50.
The SUI price changed hands at $2.23, up a whopping 117% since September 12.
Teuta
Teuta is a seasoned writer and editor with over 15 years of experience in macroeconomics, technology, and the cryptocurrency and blockchain industries. Starting her career in 2005 as a lifestyle writer for Cosmopolitan in Croatia, she expanded into covering business and economy for several esteemed publications like Forbes and Bloomberg. Influenced by figures like Don Tapscott and Bruce Dickinson, Teuta embraced the blockchain revolution, believing crypto to be one of humanity’s most crucial inventions. Her fintech involvement began in 2014, focusing on crypto, blockchain, NFTs, and Web3. Known for her excellent teamwork and communication skills, Teuta holds a double MA in Political Science and Law, enjoys punk rock, chablis, and has a passion for shoes.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Crypto scam
Gotbit’s $42m manipulation case could strengthen crypto market resilience: Santiment
Published
4 days agoon
October 10, 2024By
adminGotbit’s multi-million dollar charges may spark FUD, but fear-driven sell-offs could trigger a swift recovery, Santiment predicts.
The recent criminal charges against Aleksei Andriunin, CEO of market-making firm Gotbit, for a $42 million crypto market manipulation scheme have sent shockwaves through the industry, though analysts suggest the eventual outcome might actually be positive for the space.
As crypto.news reported earlier, Andriunin and Gotbit face charges for inflating crypto trading volumes through “wash trading,” creating the illusion of active markets before dumping assets at inflated prices. Despite the short-term panic, blockchain analytics Santiment points to historical trends indicating that such fear-driven sell-offs often create buying opportunities for more experienced traders.
Brian Quinlivan, director of marketing at Santiment, highlighted in a recent blog post that “markets tend to move in the opposite direction of the crowd’s expectations, especially when fear-driven retail activity dominates the headlines.”
“While the immediate reaction might be a small dip, as news of the manipulation scheme spreads, there’s a strong likelihood that the market could absorb the panic and swiftly reverse direction.”
Brian Quinlivan
He noted that panic selling may lead to a capitulation effect, where the worst-case scenario is already priced in, setting the stage for a potential bullish reversal, creating opportunities for institutional investors and market participants.
Santiment warns that the broader crypto market could face short-term disruptions “especially those directly connected to the manipulation, like Robo Inu and Saitama.” However, Quinlivan emphasized that “moments of extreme FUD often coincide with market bottoms,” and the removal of Gotbit’s market manipulation practices could lead to a “healthier, more transparent trading environment, increasing confidence in cryptocurrency markets.”
Gotbit, which has been active since 2017, was co-founded by Andryunin and Iuliia Milianovich. Per the firm’s description, its platform-based solution was aimed at giving project founders more control over their markets. In July 2019, Andryunin publicly acknowledged that the firm’s business “is not entirely ethical” and expressed intentions to wind down its market-making operations due to challenges with strict customer identification processes.
The firm’s website listed several prominent crypto exchanges and venture firms, including Binance, OKX, Crypto.com, a16z, Gate.io, and Bybit, in its “our friends” section. However, it remains unclear if these entities have any formal connections to Gotbit.
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DeFi
SUI price set for new ATH amid native USDC launch
Published
5 days agoon
October 8, 2024By
adminSui received a major boost after stablecoin issuer Circle announced support for native USDC on the layer-1 blockchain platform’s mainnet.
Circle announced native USDC (USDC) was live on Sui (SUI) on Oct. 8.
Also notable for Sui on the day was the announcement by leading U.S.-based crypto exchange Coinbase that it had added USDC to Sui on its listing roadmap.
The news comes amid a significant surge for Sui, which has more than doubled in value over the past month. The cryptocurrency’s price rose sharply after Bybit added Sui on Launchpool.
What does native USDC mean for Sui?
Native USDC means that developers and users on Sui no longer need to bridge the stablecoin and can tap into its liquidity for decentralized finance protocols, gaming, decentralized physical infrastructure networks, and non-fungible tokens within the Sui ecosystem.
Before Circle launched USDC natively on Sui, the ecosystem used a version of USDC bridged from Ethereum via Wormhole.
This could lead to a rise in Sui’s network activity, potentially pushing its total value locked above the current $1.55 billion, according to DeFiLlama.
SUI price prediction
Sui rallied in recent weeks after a bull flag breakout, as noted by Scott Melker, a crypto investor and host of the Wolf Of All Streets podcast, in a post on X.
Sui’s price has retreated 6% in the past 24 hours, in line with dips for other top altcoins as Bitcoin (BTC) fell below $63,000. However, with a 108% increase in 30 days and bulls testing levels near the all-time high of $2.17 reached in March, is price discovery next?
If bulls hold near $2, it’s likely the next surge will push Sui past its current all-time high. However, before that happens, crypto analyst Altcoin Sherpa offered some caution regarding the altcoin:
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