Sui price could explode after a new upgrade that could capture $2.3 trillion in assets got the crypto community buzzing with anticipation. This transformative development from Ika could propel Sui to unprecedented heights, fundamentally altering its current price trajectory.
The price of SUI has increased by 0.2% in the last 24 hours and is currently trading around $2.07. Generally, SUI shows signs of consolidating after topping out at $2.10, a zone of strong resistance for the asset.
The pause in the uptrend comes as the BTC price drops to a daily low of $71,430. Nevertheless, the crypto market remains bullish, with analysts calling for double-digit prices for SUI, especially after a new upgrade was announced.
Impact on SUI Price if Sui Captures $2.3 Trillion Assets With Ika
Ika, a parallel MPC network, has launched on Sui and promises to take it multichain. According to the recent official announcement from Ika, the scaling network will bring interoperability and liquidity as it bridges Bitcoin, Ethereum, and any other network. This update removes the need for arduous cross-chain bridges.
BREAKING: $2.3T in assets can now be programmed on @SuiNetwork 🚀
what we’re shipping:
• sub-second MPC finality
• native BTC/ETH/SOL on Sui
• zero bridges needed
• infinite scalabilitytranslation: your assets are finally free anon
more in thread 🧵👇 pic.twitter.com/QqjROVIPRj
— Ika (@ikadotxyz) October 30, 2024
According to IKA, it brings infinite scalability to the blockchain network with 10,000 TPS, sub-second finality, and zero trust security, allowing it the potential to harness the $2.3 trillion worth of assets across the different blockchains. The IKA network mainnet will go live in December.
The significance of this upgrade for Sui price is profound, as harnessing $2.3 trillion is no small feat.
To estimate Sui’s potential price if it captured $2.3 trillion in assets, we can use a straightforward formula: we multiply the current price by the quotient of the target market cap ($2.3 trillion) and current market cap ($5.7 billion). The result is that SUI could theoretically reach approximately $843.33 per token, assuming the supply remains constant.
For this to happen, the entire crypto market has to have a market cap of around $1 quadrillion. This is practically impossible because the total amount of money in the world is around $90 trillion.
However, assuming the network captures even 10% of the $2.3 trillion assets scattered across blockchains, its price would surge to $84 at a $230 billion market cap. This is more probable than the earlier estimation.
Sui Price Analysis Hints Rally to $84?
The chances of SUI soaring to $84 are within the realm of possibility. The price chart shows that the asset flew 408% in two months, an impressive feat for a network worth billions of dollars. This is because it generally takes a larger volume to move billion-dollar assets than it takes to push smaller projects higher.
Sui still struggles to break above the previous ATH resistance level. A break above this level could instantly propel the asset price to $10, boosting its market cap by 5X to $28 billion. This could push the asset into the top 10 largest cryptocurrencies by market cap.
Conversely, the bullish thesis could be invalidated if price breaks below the parabolic curve. It would signal market weakness and lower the asset to support levels of $0.45 and $0.4.
Frequently Asked Questions (FAQs)
If Sui successfully captures $2.3 trillion in assets through the new Ika upgrade, it could significantly boost SUI’s market cap and price, potentially making Sui one of the largest networks in the crypto space.
Reaching $843 would require Sui to capture the full $2.3 trillion, which is improbable given current crypto market limits. However, capturing even 10% of this value could push SUI to around $84, which is more feasible.
If Sui breaks above its current resistance and maintains positive momentum, analysts believe it could reach $10, driven by higher volume and new institutional interest sparked by the Ika upgrade.
Related Articles
Evans Karanja
Evans Karanja is a crypto analyst and journalist with a deep focus on blockchain technology, cryptocurrency, and the video gaming industry. His extensive experience includes collaborating with various startups to deliver insightful and high-quality analyses that resonate with their target audiences. As an avid crypto trader and investor, Evans is passionate about the transformative potential of blockchain across diverse sectors. Outside of his professional pursuits, he enjoys playing video games and exploring scenic waterfalls.
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.
Source: https://coingape.com/markets/will-sui-price-capture-2-3t-market-cap-with-this-new-upgrade/
✓ Share: